Tuesday, November 11, 2008
Vacation Rentals as Corporate Housing, Medical Housing, Military Housing-Why Not?
I've always called the condos and homes that I rent out "vacation rentals," but that may really be a misnomer. Today, in our "off season" (though in Southern California the term is relative when you are from Nebraska), out of 9 guests in our beach condos, not one of them is here on vacation, at least not officially:
-We've got 2 Marines recently home from Iraq acclimating to life back in the States - one looking for work, and one looking at Camp Pendleton
-One young Marine family getting to know each other again after deployment to Iraq
-One family who was awaiting and is now helping their child to recover from heart surgery at nearby Sharp Medical Center
-One couple who work locally, but haven't found permanent housing yet and find it nicer and more affordable to live at the beach than to buy in North San Diego County
-A new teacher at Oceanside High School who didn't have time to find an apartment when she got hired and who didn't know the area well enough to know where to live
-A medical device engineer who is just transferred from Chicago who is waiting until the school year is out to move his family, but wants room for them to come visit him
-Just two vacationers: - one from the drive in market, and one family from Italy
Now, in the summer, our short term rentals are generally too expensive for those who need to spend a month or more because of our proximity to the beach. They are still a great value for those who would normally stay in a hotel and have more than two people though.
What makes an off season vacation rental such a perfect match for interim housing solutions? Space, amenities, location, and price. For example a one bedroom one bath condo at the beach rents for $1500-$2000/mo ($50-70/night) and provides 760 square feet of space, cable TV, beach location, less than 1 mile to the 5 Freeway and the train (Amtrak, Metrolink, Coaster, Sprinter), usually high speed wireless internet, a full kitchen and ocean or garden views. Top that off with free underground parking, fitness facilities, pools, spas, and beach side - why would anyone stay in a hotel? Truth be told...with the exception of June-August - vacation rentals are the perfect answer to corporate housing. See what some owners are doing and why at:
Some owners rent out homes as corporate housing - USATODAY.com: "As the housing slump drags on, homeowners unable to sell their properties are taking an unusual approach. Instead of taking in long-term renters, many are offering unsold properties as fully furnished rentals for corporate housing.
Since these leases are typically short term, homeowners can easily put their property back on the market should buying activity increase.
Companies benefit because renting private homes can be cheaper and more desirable than traditional corporate housing options."