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Re: Market for a short stay furnished apartment in HP?
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Not too shy to talk
 
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We advertise in a couple UK Holiday "self-catering" sites and have listed on Craigslist (Europe) before. Most of the traffic comes from the self-catering sites though.
We charge $550/week. Occupancy--varies. We just started advertising for this summer (we had family/friends staying on and off up until a few weeks ago) and have already had a lot of inquiries and a couple reservations. We also rent to locals  and have had people stay here while their houses/apts were being renovated or they were relocating. We just enjoy the flexibility of not having a full-time tenant.
Posted on: 2007/6/29 10:39
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Re: Market for a short stay furnished apartment in HP?
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Home away from home
 
Joined:
2005/3/21 20:01 Last Login : 2020/9/5 14:18 From Exchange Place
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I have seen tourists at the Grove Street PATH station and I was wondering where they are staying. Where do you advertise?
Posted on: 2007/6/29 2:49
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Re: Market for a short stay furnished apartment in HP?
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Home away from home
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Wow, thats great. If I may ask: how do you collect the eurotrash, what's your occupancy rate, and what do you charge?
Posted on: 2007/6/29 1:22
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Re: Market for a short stay furnished apartment in HP?
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Not too shy to talk
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We currently do this with our garden apt. Works for us. We've sublet it before to people who have undergoing renovation and also to folks from Manhattan who were moving abroad. We currently are renting by the week to European visitors... it's great because we are able to use it for family visits when we don't rent it out.
Posted on: 2007/6/28 21:27
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Re: Market for a short stay furnished apartment in HP?
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Newbie
 
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I moved here from MA and have friends visiting me all of the time. Each time I have guests, I give them the bedroom and sleep on a futon in my living room. This is inexpensive, but depending on the guests, it is a bit uncomfortable and affords little privacy. I would certainly consider having my visitors stay at your place.
Through Priceline, I've found JC hotel rooms (particularly for a Saturday night, when business people are gone) for $70--a bit less than your suggested rate--but the kitchen in your place adds value, as does the charm of staying in an actual home. So, I would definitely call you when my next guests come to visit.
Posted on: 2007/6/27 15:36
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Re: Market for a short stay furnished apartment in HP?
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Newbie
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Going rate is typically $155 - $188 depending on season. Note that the typical minimum stay is 1 week, and sometimes they require longer. Depends on the leasing company and their occupancy. Usually there is no additional tax, so that is a benefit over the hotels - (you simply pay $155 a night, unlike the hotels that must charge 14% on top of the nightly rate).
So, even if you have a walk-up, I don't think you need to undercut the corporate leasing companies that own apartments in the high rises by too much because it sounds like you would offer more flexability than a 7 night minumum, still would be cheaper than the local hotels and offer more space, kitchen, etc (Marriott & Double Tree run $175 off season and up to $275 night during summer - plus 14% tax). Hyatt is typicall more expensive.
Posted on: 2007/6/27 14:42
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Re: Market for a short stay furnished apartment in HP?
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Home away from home
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NAS, what kind of rates do you pay for that? I figure I need to be significantly cheaper if I have a funky old walkup rather than a fancy highrise place.
FAB, part of my plan is not to have tenants who stay too long, so there are enough open times for my own guests! INJC, yeah, you're exactly the kind of people we'd like to help out. We're not up to running a fancy hotel, just a decent crashpad. I'll probably know within a month or 2 if he's leaving.
Posted on: 2007/6/27 6:05
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Re: Market for a short stay furnished apartment in HP?
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Home away from home
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brewster - we'll be getting new floors in our apt sometime late this/early next year and will be looking for a place to camp for 2 weeks or so while the urethane dries.
Sign me up.
Posted on: 2007/6/27 1:55
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Re: Market for a short stay furnished apartment in HP?
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Home away from home
Joined:
2006/11/13 18:42 Last Login : 2022/2/28 7:31 From 280 Grove Street
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4192
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With the right sort of marketing, you will be booked out - I'd advertise with the closest colleges or University for students that do short courses. You could also have younger students who come from overseas to experience the American way of life and pay BIG money for the opportunity (its an exchange program that runs from 3 - 6 or 12 months) My parents did it and the kid came from Germany and spent 6 months with us and attended school here (Bayonne) - especially from Japan and Europe. There is also a website known as 'Homestay' for international travellers that stay from days to weeks to months - its an alternative to staying at a hotel or YMCA
Posted on: 2007/6/27 1:47
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My humor is for the silent blue collar majority - If my posts offend, slander or you deem inappropriate and seek deletion, contact the webmaster for jurisdiction.
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Re: Market for a short stay furnished apartment in HP?
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Newbie
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I think it is a great idea. When I have long-term guests coming in town (week or longer) I usually try to set them up with a furnished corporate apartment. There are several companies in JC that short-term lease apartments in most of the larger buildings around here.
I think it would work for you as long as you "advertised" enough to keep it occupied 30% of the time. Let me know if you do this. I know my guests would be potential customers.
Posted on: 2007/6/27 1:37
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Re: Market for a short stay furnished apartment in HP?
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Home away from home
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Probably, but as Scottacus said, this is pretty commonly done under the radar as a casual type deal. In NYC they inaccurately call it "bed & breakfast" and even have agencies to place guests. This is how I believe Elmagnifico rented in Newport.
Posted on: 2007/6/27 1:24
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Re: Market for a short stay furnished apartment in HP?
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Home away from home
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I agree that it's a great idea! With all the new people moving in and visitors coming and going, I bet you will be busier than you expect. I actually know two different people right now in a jam because closing dates did not coincide with the end of leases and they each had to scramble for places to stay for the short-term -- this would have been a much better option!
I just wonder if you need some sort of license to do it legally?
Posted on: 2007/6/27 0:40
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Re: Market for a short stay furnished apartment in HP?
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Home away from home
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I would certainly make deals for longer occupancies, but I hadn't thought of the security deposit issue while I was thinking of this as a friends and neighbors personal connection thing. Hmm, as you say, there must be a way.
Posted on: 2007/6/27 0:29
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Re: Market for a short stay furnished apartment in HP?
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Home away from home
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I think it's a GREAT idea. It would totally come in handy for a number of situations (out of town guests, people moving who need a place for a week or two).
I see a lot of people in Manhattan doing something like this on Craigslist, so it seems like it could work. I think you could even have a slightly lower rate for people who are staying like two weeks or a month, since you would have more stable occupancy -- and it's nice for people in a long-term-stay situation to have a kitchen. The only issue I see is that it can be difficult screening people, so you don't end up with a trashed apartment. Maybe there are services (something beyond PayPal) that allow you to accept credit card numbers as a deposit and in case there are any damages to the place upon check-out.
Posted on: 2007/6/27 0:01
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Market for a short stay furnished apartment in HP?
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Home away from home
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We've had a tenant in one of our 1 bedroom apartments who lives elsewhere, but is here frequently enough on business to rent a pied a terre from us. We got into the habit of "renting back" days from him for our relatives to stay in the place when they visited, if he was not there. But he may be giving up his job, and apartment here.
My question is, what do you folks think of the idea of keeping the place open as a furnished "short stay hotel" for friends, neighbors and Listers with limited space to put up their out of town visitors? If I had a 30% occupancy rate I should be able rent it for $100/night and make almost as much as leasing, which is all I'd really want, besides having a place for my own visitors to stay. I have no idea if that occupancy is feasible. Would anyone here be a possible customer if I did this? Yeah, I Know there's some cheap motels on Tonnnelle, but this is right in the hood, at half the price of the Doubletree. There'd be no room service, but I could stack some takeout menus which would be much cheaper!
Posted on: 2007/6/26 23:19
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