Renting Apartments to a Company
I have 2 apartments to rent. I was wondering if anyone has every rented an apartment out to a company, where the company signs the lease due to the company having the need to temporarily relocate an employee who may be in town for an extended period of time, etc. Any experiences to share? I…
I have 2 apartments to rent. I was wondering if anyone has every rented an apartment out to a company, where the company signs the lease due to the company having the need to temporarily relocate an employee who may be in town for an extended period of time, etc. Any experiences to share? I was wondering about Wall Street companies, hospitals, etc., but I am not familiar with this – I just think that it is worth exploring.
Ideas, thoughts appreciated.
On several occasions, I have rented apartments to ex-pats moved to the US by large corporations. I used big brokers with good relocation departments, thinking that an ex-pat moving to the States was a good risk given that their rent is subsidized by their company. The leases were never with the company, always with the tenants and never guaranteed by the employer. On one occasion, the tenant was moved after 6 months and the employer paid me the ramaining rent on the lease — which was nice. Maybe you can get a corporate tenant if they use the place to house people for short stays — but then you get a parade of people coming through. Those kind of renters are probably looking to minimize commutes too (read: they probably won’t want a place in Brooklyn).
I looked into it once when I wanted to rent out my coop for a couple of years when I was working overseas; I contacted a couple of banks (JP Morgan, etc.) and there is a market for this kind of thing but I wound up getting a good tenant through a broker and never went any further with it. But see if you can contact investment bank’s human resources departments or contact a relocation company called ReloAction, which is a national relocation company which rents out apartments for relocating employees. I once was a user of their services when I was transferred (company pays for 3 months of rent during the relocation process). Also, Corcoran has a Relocation services department and they would handle something like that too. Is is that you would like short term sublets, or a higher rent, or a more stable leasee or that you want to rent furnished? Why would you want to do this? Most of the time, the end client has stuff in storage somewhere and wants a high quality furnished apartment for a short term period. Good luck.
where are you and how much do you want per week/month (ballpark)