A company reached out asking if I’d consider renting my unit to them for staff accommodations. The idea of guaranteed rent sounds great, but I’m unsure about practical issues like accountability, property care, and who’s responsible if multiple employees cycle in and out. Would appreciate any real-world experiences. Plus, is the stability worth the trade-offs?
I work with a lot of travel nurse housing and the setup matters more than the pitch. Some companies are super professional and they handle everything. Others toss people in like it’s a hotel. Vet the company, ask how many occupants they expect, and confirm who eats the cost when something breaks.
This is all how it is set up.
You need to know how they are running it, that they are complying with occupancy laws, that they are tracking damages, that it complies with your zoning regulations, and that they are financial enough not to go under. They need to pay a premium for the extra wear and tear anticipated from high occupancy and turnover of people who don’t care about a relationship with their landlord or the house as they have little skin in the game. They also have to deal with landscaping and maintenance. What’s their plan?
Worth it if contract covers maintenance/evictions and rent covers vacancy. Otherwise, individual long-term tenants are less headache.
Corporate leases can be great for steady rent but the trade off is you’re not really screening the actual people living there. Tenants can rotate, wear and tear can be higher, if something gets damaged you’ll be dealing with the company. Make sure the contract clearly spells out who’s liable for repairs and how many occupants they’re allowed to cycle through.
Corporate leases can be solid for guaranteed rent, but you need a clear agreement about maintenance, damage responsibility, and turnover. Ask the company to sign a master lease and make employees sign a standard addendum so expectations are clear.
Is it zoned commercial?
Okay but tell the corporation they have to rent (or otherwise provide) furniture. Don't do it furnished from your own stuff. Price accordingly.
I've done this twice. Once for a construction company- they would have 4 construction workers staying there and, unbelievably, they took good care of the property for 2 years. Rent came in like clockwork. It saved them from paying for a hotel for 2 years also. Now, for the last two years, we have a rental from the LDS- their missionaries stay there. When I was working, the companies I contracted with would rent places for me-furnish them, provide a car. The rental companies usually do not do less than 6 months but big companies will do for 3 months with a commercial contract, which indicates they think it works well.
Check out the company doing the contracting, just as you check a tenant. They are responsible for damages. Make sure they know any regulations (pets, smoking) and that the workers agree to this. It is a good deal for everyone.