Seeking Ideas For An Apartment Business

[Timbo Reid]

Hi Guys...I manage a new apartment block containing 50 apartments. They are brand new and most are available for long term rental whilst 10 have been put aside and furnished for short term executive rental. Of the 50 apartments only 10 are occupied.

Each apartment has at least two bedrooms, kitchen and living area.

The owner is pretty cashed up and is in no hurry to fill them just for the sake of it, however, he's asked me to come up with ideas on how we could make money from them beyond short and long term rentals.

One idea I had was turn a couple in to meeting venues that local businesses could use for training, meetings etc.

Does anyone have any other ideas?

[ellenwyo]

How about contacting local clubs and associations like Kiwanis or Rotary? They may need a monthly meeting place, and then you can build some steady monthly revenue from that angle.. I belong to several small clubs here and sometimes there's a problem with finding a quiet and private place to meet.

[Logan]

I think it is good to think out of the box, and your approach is creative. But I would focus on leasing the existing apartments to long term customers. I'd be surprised that there are not at least 40 people looking for apartments in your area right now. A month from now they will have found something and there will be new people. Focus on renting the apartments, imo.

[Timbo Reid]

Thank-you both for this advice...It's great to get two opposing views. Please keep them coming. Cheers...Tim.