Corporate Rentals in Denver area. How are yours doing?

[Cameron K.]

Hi!

I am wondering if we should switch a long term property to a corporate rental. I wouldn't call it luxury inside, but it could easily be reno-d to be higher end. We own the building and there are long term units inside. I know corporate rentals make more $$, but how vacant are they?

Has anyone done this in Denver? The place is a 2 BR and 1 bath condo, in a great walkable area.

Thanks!

[James Carlson]

@Cameron K.  

@Bill S. is right. My wife and I do corporate rentals with a few spaces in Denver and are about to partner with some other folks to buy a few more. I definitely got some of our initial inspiration from @Micki M. said, the occupancy rate is going to depend on your location. You say in you're in a walkable area? Where exactly in Denver? That's going to be huge. After that, the biggest factors are your furniture, the staging of the space, and good photos. Do all of those and be in a good neighborhood and you're going to have no problem getting booked. 

To give you an idea, my and my wife own two small spaces in Capitol Hill. 

• One is an 800sf 1-bedroom unit rented for $1,900. I think we'd be getting $1,300-$1,400 as an unfurnished long-term rental. 
• The other is a 350sf studio rented for $1,700. I think we'd get $1,000 as an unfurnished long-term rental.

I once had two weeks vacancy on the 1-bedroom, which was largely due to laziness on my part. The studio is always full. I would buy studios all day for this reason. The 1-bedroom doesn't seem to draw much more. A 2-bedroom, though, might be another bump in revenue.