London,Ont. Rental Market is HOT!
Now that the students are back and cold weather and holidays are fast approaching, we would expect things to slow down in the residential rental market at this time of year. We’re finding the quite opposite happening! Compared to the fall of 2012 and 2013 we have seen a significant increase this quarter that is on pace to double the amount of business we had in those years. This leads us to question what is going on in London!? And in particular HCG Inc.?
Some of things we have been doing may help to explain the current wave of success! Firstly, our corporate exposure has exploded. Insurance companies, corporate relocation specialists, and blue chip multi national companies have all been calling. It seems that the growth that London is experiencing is on an uphill climb and the people that are visiting us are coming here to work and stay permanently. This can only mean great things and it does. One of the hottest niche categories of rentals right now is short term FURNISHED rentals!
Short term rentals are a great way to garner income with a premium attached to it because they are furnished and all inclusive. Think about the cost of a a hotel these days. Even at a corporate rate, you are still spending over $100/day for a month if you have an employee working in town for awhile. They are going to eat out and pay for parking every day. For the SAME cost or less (for an employer) you can live comfortably in a home with all the amenities including internet, laundry, fully stocked kitchen and linens, yard space, snowplowing, etc. etc. etc…. This is a no brainer for employers paying the bills and an employee who is going stir crazy staring at the walls of a hotel room after only a few days!
So as the weather gets colder and you flee your home for a warmer climate think of a couple of things: your house is going unattended to and if a pipe were to freeze and burst, (or get burglarized) is your insurance company going to cover the claim while it was unattended? Most policy’s require someone to be checking in on the house daily for the damages to be covered so why not have someone there and paying you to do it! Also when you go away, do your bills stop coming in even though you are in another country? Of course they don’t. Minimum gas and electric bills, taxes, condo fee’s and mortgage payments all still need to be paid. Why not have your home earn you an income while you lay on the beach!
These are real scenarios that people are facing and the team at Harrison Carter Group Inc. can make this a win-win situation for you. We have the people that require short term rentals and we are always looking for more great properties to put them in. Whether a house or an apartment, it doesn’t matter as everyone’s needs are different.
This winter consider doing something smart and practical. Have the team at HCG visit you to discuss the opportunities that will be paying you to stay on vacation this winter! You will be wondering why you didn’t think of this years ago once the cheques start coming in!