Unlock the Benefits of Investing in Executive Rentals

The odds are you have probably heard of vacation rental platforms like Airbnb and Vrbo, which are most commonly used for shorter stays and weekend trips – but times are changing. Remote work is on an upward trend with no end in sight, and workers are freer than ever to complete their tasks from wherever they choose. Investing in a furnished executive rental, or a place for both work and play, keeps hosts’ calendars full and earning a consistent chunk of change. Guests are looking to unpack and settle into a city where they can spend at least a month. Owners have the unprecedented opportunity to keep guests in their space for months at a time.

Below is why and how you should consider investing in a furnished executive rental apartment or an SFH (single-family home).

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Why Invest in Executive Stay Housing?

It’s no secret that the Covid-19 pandemic transformed how and where we work. The U.S. Bureau of Labor Statistics predicts that within the next five years remote workers, contractors, and freelancers will make up at least 40% of the U.S. workforce.

That’s a big number – and a huge opportunity for executive stay rental apartments and/or homes. Since the beginning of the pandemic, the work-from-anywhere lifestyle has tremendously increased.

According to a study by JLL:

“Over 67% of the nation’s commercial real estate decision-makers have taken actionable steps to increase workplace mobility and employee flexibility. This means that every day more and more remote workers are looking for a place to work outside of designated office space.”

As of 2021, millennials make up the largest segment of the United States workforce and are increasingly looking for work that allows for travel. As a short-term rental host, it only makes sense to transform your rentals into spaces that folks can comfortably work remote from. As travel restrictions lift, and work remains online, a growing number of millennials want to travel the world while maintaining their job. As a property owner, you want your rental booked as often as possible, with little or no empty nights between bookings. Creating an executive rental provides opportunities for longer stays – and more cash in your pocket!

As always, snowbirds are also a popular guest in Savannah, and the pandemic has only increased their presence. With gorgeous beaches at Tybee Island and welcoming warm winter weather, Savannah is always bustling with visitors looking to migrate from the cold.

When you invest in an executive rental – your guest has no reason to leave!

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What to Provide in an Extended Executive Stay:

You’re ready to start hosting working guests in Savannah, but are asking yourself “What do I need to attract more executive stays?”

• Wi-Fi: A strong Wi-Fi connection is more essential than ever. Long gone are the days where shaky Wi-Fi is acceptable. Wi-Fi must be strong enough to hold video conferences across multiple devices.

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• Desk space: Your executive suite is home to both work and play. Make sure it’s outfitted not only with the overnight essentials, but ample desk space, outlets, and lighting.

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• Storage: Unlike weekend guests, executive rental guests will want to fully unpack and make themselves at home over their stay. A spacious closet or dresser per bedroom is a must, and consider a walk-in closet if you truly want to impress some boujee guests!  

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• Parking: Provide free parking whenever possible. Consider providing a parking pass or carve out a blacktop driveway on your property. Parking costs add up quickly, and guests will consider parking expenses when choosing an executive rental. To give you some insight – monthly parking in a Savannah garage can range between $350-500 (Yikes!). By providing free parking, you’ve made your property that much more attractive to executive rental guests.

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• Guidebook: One of the elements that make Savannah so unique is its surplus of small businesses. As a host, you want to utilize this aspect to your advantage. Think about what makes Savannah...well...Savannah. The answer is likely your favorite coffee shop, mural hidden behind the corner, or a hole-in-the-wall bookstore. Remote workers will want to stay – and return – when they are aware of just how much charm Savannah has to offer. Provide a guidebook of your local watering holes, and they’ll know they need to come back to your place and continue checking off the list!

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Savannah, Georgia is a gold mine for short-term rentals, and investing in an executive rental property or a “hybrid” rental (short-term during peak season and executive rental in the slow months) will place you at the head of the pack. Remote working is here to stay, and stunning cities like Savannah will only continue to attract executive stay guests to enjoy the culture, food, and sunshine after a day on the job. Bottom line, investing in an executive rental today sets yourself up for long-term success.

Why let South Key Management manage your extended stay?

Entrusting your Savannah property rental to South Key Management Co., means you’re hiring a dedicated local team of professionals passionate about hospitality. Our property management team helps you make the most out of your rental property. We are happy to offer recommendations for target market optimization because it is our job to attract guests looking for a 30+ night stay. We truly believe that Savannah is “The Hostess City of the South”, and will ensure that your guests feel that same wonderful southern hospitality.

Questions? Want to learn more? Connect with us today!