Corporate Housing Sources Becoming Scarce
Quality temporary housing for business individuals nearing 100% capacity
Just as the inventory shortage has experienced for buyers and renters within the Houston area, corporate housing providers are seeing similar problems with availability shortages that can accommodate for the needs of renters for fully-furnished temporary housing.
Sharon Pfeffer, who is president of sales and for HomeCorp Relocation, notes that there are 16,000 apartment units that are under construction within Houston city limits.
She stated that the “A” and the “A&” apartments types are now nearing 100% capacity, sitting at 98% and 99% capacity respectively. Higher rates for the apartment rental rates are rising across the board as a result.
Pfeffer noted that a majority of her clients provide between 30 to 90 days of temporary housing for all relocating employees. However, due to the lack of supply being felt across the industry, more and more individuals are finding it hard to find permanent housing, and thus must stay in the temporary units longer.
"A lot of our clients really do discourage home purchasing within the first six months of being here, especially with those from another country," Pfeffer said. "So in some cases, we have extended their temporary housing to five or six months so that we can work with the employee to get them educated on the areas of Houston and show them things that will best fit their lifestyles."
The inventory reduction is frustrating for the transferee who is finding his/her way to housing and expecting to transition quickly without too much work.
"It's very discouraging to them, because they are coming in on house-hunting trips the month or two prior to their relocation, and finding homes that they like for rent or purchase, and we are having to educate them and explain to them this is not going to still be available, nor is the
homeowner going to hold it for two or three months until their relocation goes through," she said.
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