Do you know if some companies/firms rent out condos to their workers?
May 10, 2010 by
Filed under condos for rent
I am buying a condo as an investment in a preconstruction building that will be in the downtown/business district of Chicago. Do you know if some companies rent out condos for a handful of their workers? Like perhaps, consulting companies who have workers doing long-term projects in cities that they don’t live in? Or investment banking or law firms whose workers put in long hours?
And if so, do you know some of the specific companies who do this? And how I should market this out to them? And whether or not they pay a little bit above average market rate?
I don’t know of any particular companies, but I’ve heard it’s pretty common. If it’s an arm’s length transaction, there isn’t such a thing as above market. What you need to watch out for is loaning it to an officer of a related business renting it out for less than market.
All major companies do that. Your best bet is to hire a local real estate broker and have him market your condo to the companies as they have all the contacts and resources.