Finding a Profitable Niche---Depending on Area and Demand for Housing
Posted by: Carleton Sheets in temporary rental, temporary housing, short term rental, short term housing, short term, Real Estate Market, Property Management, entrepreneur, Economy on Aug 04, 2009.
I've been reading articles about homeowners who rent out their homes in certain circumstances. And, apparently, there are several motives ... some homeowners who purchase another home or have a job-related-move and haven't been able to sell their original home make the decision to turn it into a rental. And sometimes those who can't afford to pay their mortgage and don't want to declare bankruptcy find less expensive housing and then rent out their home. However, renting a property with a large mortgage could prove to be challenging in this market.
But here's a new twist: corporate temporary rentals. An article in The Washington Post details an entrepreneur in Washington, DC who specializes in renting out refurbished condos and fully-furnished homes and apartments around the DC area. His clientele mainly consists of those who either work for the government directly, or in an industry that is government-related (such as lobbyists, foreign embassy officials, etc.).
It proves to be a profitable niche for him ... though one that also has been affected by the current economic atmosphere.
The article contains a few property management tips that I found interesting ... so if you have a few minutes, it is a quick, interesting read. What a great solution for those people who have been transferred and are having a hard time selling their original home, or are going to be away from home on an extended business project or vacation.
Is there a niche in your market that you can capitalize on?
