What are the pros / cons of Corporate Rentals?

[Jon D.]

I'm continuing to hone my understanding of the various rental focuses (there are lots!) as I expand my portfolio. I'm interested in corporate rentals (CR) and wondering what success/challenges others have faced.

Here's my basic thesis: Acquire a mid/high quality property in a market with several corporate offices (preferably multi-nationals). Executives are travelling, there are lots of conferences, etc. This would be a furnished property with minimum 30-day rental requirements. You can get a decent premium given the short term nature, and the fact that the "renter" is paying with an expense account. 

I am aware that STR's require a higher level of service and have frequent turnover. I have systems in place for daily cleaning and property management.

If anyone has corporate rentals, I would love to know what your experience has been. Is the CR market much different from the typical STR market? Is the clientele much different? Are the returns better? Appreciate your insights!