After a wild year in corporate housing in 2012 - complete with corporate housing mergers, new regulations on vacation rentals, and an uncertain economic climate - 2013 proved to be a fairly stable year in the corporate housing industry and the residential rental world. We hope it was a successful year for you.
As you turn your attention to 2014, we're excited to share the 2013 "By Owner" Corporate Housing Annual Report. In the following pages, you'll find a summary and analysis of the results from our annual "By Owner" Corporate Housing Survey - now in its fifth year. In the pages to follow, you'll be able to draw upon the latest data, as well as comparisons and trends from recent years, to ensure 2014 is your most profitable year yet.
What Makes This Report Different
The "By Owner" Annual Report is different than other property management annual reports. It reflects findings from individual property owners of furnished monthly rentals, rather than from full-service, corporate housing companies. This report is designed to help individual owners, like you, learn from relevant trends in your marketplace and achieve greater success.
If you took the time to complete our 2013 "By Owner" Survey, I thank you for your insight and candor. Once again, we had hundreds of people respond to our survey questions. The survey was made available to any person who owned or managed a furnished monthly residential rental in 2013 - not just to property owners who market their properties through the CHBO website.
Outlook and Profitability
• Outlook for 2014. 36% of respondents predict that 2014 will be better and more profitable than 2013 - similar to responses in 2012. Only 6.3% of respondents believe that 2014 will be less profitable, down from the 10% who had this outlook in 2012.
• Profitability. 91% of respondents report that their properties were profitable or breakeven in 2013. Overall, this response has been nearly identical over the last three years.
• Investment Real Estate Trends. For the fourth year in a row, there are more "Yes, I plan on buying more real estate" responses (45%) than "No, I'm done with real estate" responses (15%). The biggest variation in this question has been the steady 11% decrease in the "No, I'm done with real estate" responses since 2010.
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About the Author
In 1999 Kimberly and her husband and business partner, Eric, started AvenueWest Corporate Housing, Inc., that today is a multi-million dollar company providing furnished corporate housing and property management services to upscale business travelers. A recognized leader in the industry, they were awarded CHPA's 2010 Provider Company of the Year Award and listed for 3 consecutive years on Inc Magazine's Inc 5000 list featuring the countries fastest growing businesses.
Inspired to help people find corporate housing and real estate solutions on a national basis, Kimberly and Eric came up with a business idea to create a national web directory dedicated to connecting furnished rental properties with corporate renters. In 2006 the couple launched CorporateHousingbyOwner.com (CHBO), the first-of-its-kind online portal that connects furnished rentals and the traveling public. In 2013 CHBO was recognized by
CHPA as the Associate Company of the Year.
In 2009, they founded AvenueWest Global Franchise, allowing them to expand the AvenueWest Managed Corporate Housing product throughout the United States. They now have offices in Phoenix, Atlanta, Fort Collins, San Francisco, Boston, Dallas, Denver and Colorado Springs.
Kimberly continues to lead in the corporate housing industry and served as the 2011 elected Chairman of the Board of Directors for the Corporate Housing Providers Association (CHPA), the primary trade organization for the corporate housing industry. Kimberly has been nationally recognized for her business success and her philanthropic endeavors and is frequently featured in media sources like the NYTimes, LA Times, Denver Post, US News & World Report, MSNBC.com, CNBC and SmartMoney.com. She was awarded the 2013 Denver Business Journal's Outstanding Women in Business award for real estate, small business finalist in 2010, and finalist in the prestigious Power Book special section of The Denver Business Journal, a feature in Denver Woman magazine as an outstanding business woman and mother, in 2009 she was selected to join The Denver Business Journal's elite class of 40 under 40 and in 2010 and was recognized by CoBiz Magazine as a top 5 GenXYZ leader.