Wednesday, October 01, 2014

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Furnished Apartments Can Fill Unique Housing Gap Needs

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Moving into a furnished apartment may be a good option for those who are trying to sell and buy at the same time and can't quite line it up. NY1's Monica Brown filed the following report.

Don't let the term "corporate housing" fool you: Some furnished properties are not just for traveling executives anymore.

"We're seeing a huge increase in individuals that are coming to us for housing needs, whether it be because they can't get approved for a mortgage quickly enough, they've sold one apartment before they've been able to purhcase the next apartment," explains Furnished Quarters Vice President of Sales Craig Partin.

Furnished Quarters, which leases to short term tenants at 35 properties around Manhattan, and several more in the tri-state area, says about 20 percent of their clientele are now made up of families who are in transition and like the "turn-key" alternative to staying in a hotel. At these properties, you can cook your own meals, do your own laundry, and save the cost of moving all your furniture in for a short term stay. Furnished Quarters and AKA, another luxury corporate housing provider with four properties in the city, offer lease terms that can change depending on what you need.

"Flexibilty is key for us. And that's really a huge part of what we offer our clientele. You can stay for one month, you can stay for six months," says AKA Vice President of Marketing Elana Friedman.

It's an attractive option for families who don't want to sign a long term lease, or pay a broker's fee for a short term stay.

You can also move out mid-month and manage your cash flow down to the day. Monthly rents in the Big Apple can be high and they vary according to the size of the unit, the location, and the season. But corporate housing providers say their places can be great options for short term tenants in a city where long term rentals are the norm. And they're not always easy to come by.

"The rental market, especially in larger cities, is booming right now. So the rental prices for unfurnished apartments are skyrocketing," explains Furnished Quarters Vice President of Marketing Eric Uzzo.

And with mortgages taking longer to process, families in transition can find a temporary place to call home, even it is for a month at a time.

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