Charlotte's Condo Market

[browngeo]

The high rents could very well be "corporate rentals" or properties that might already be furnished.

While working in Denver for over a year, we got a corporate apartment downtown instead of paying the hotel bills. We ended up saving the client over $500.00 per month in hotel bills and the end result was a a much happier consultant.

I am fairly sure that BofA or many other companies downtown would be interested in corporate apartments vs. paying the bill at the Westin.

[SmellyCat]

Let em' hate. That's what haters do.

[monsoon]

....

I am fairly sure that BofA or many other companies downtown would be interested in corporate apartments vs. paying the bill at the Westin.

[graydog]

It would be my contention that most large corporations, for their regular white collar employees on temporary assignment, would not pay the rack rates at the Westin. They will establish a dollar amount the employee can spend and leave it to them to find a place. I will point out that at $2500/month, and given that people on assignment rarely spend the weekends away, that it would be cheaper to stay in a Residence Inn or something similar and that has the advantage of no commitments, no utilities, and they will clean the place for you. Most condo rentals involve at least a 6 month lease and they also want a pretty hefty deposit. Nobody on an assignment is going to involve themselves with that.

[voyager12]

I know many people who recently moved here and they want some adjustment time before committing to buying. So they rent a for a year before deciding where they want to put down roots in Charlotte. Makes sense to me. Overall, we are still a relative bargain compared to larger metros north of us. And if you don't mind living in older no frills buildings that have some character through...you can rent small historic apts in great neighborhoods for close to nothing

[Charlotte_native]

As an example, BAC negotiates rates with various hotels and establishes lodging and meal limits for every major city. Employees then book their rooms through the travel system. Consultants are typically required to use the BAC system for the negotiated rates.

In the case of relocation, mid to upper level employees receive short term furnished condos contracted by a relo company. Yes the cost is high, but it's the best option. You can't spend resources recruiting top talent and then dump them with their family into a Residence Inn.

[lupitachica]

There is a huge market here for corporate rentals and companies that specialize in them. For mid to upper management, most especially if they bring spouses or families, they get housing at the same level (quality, not necessarily square footage) they have "back home". A lot of our high paid athletes rent for the season also instead of actually moving to town.

[monsoon]

There is a huge market here for corporate rentals and companies that specialize in them. For mid to upper management, most especially if they bring spouses or families, they get housing at the same level (quality, not necessarily square footage) they have "back home". A lot of our high paid athletes rent for the season also instead of actually moving to town.

[Charlotte_native]

How huge? As I said, most large corporations put extreme limits on travel budgets these days for almost everyone. And if you are traveling and a customer is paying for it, then it is even tighter. I really don't know of a company that doesn't do this. The only exception of course are for executives, but most of them don't stay gone that long where they would need to rent a condo.

I can't speak to what the athletes might do, but how many of them are there? Not anything that I would cause huge.