Chicago Living - Relocation Guide 2008 - (Page 20)

➡ temporary living A 20-year industry veteran, Deborah Nilles is considered one of the nation’s leading authorities on the corporate housing industry. Deborah is the president and owner of Key 2 Chicago Inc., and has served on the executive board of directors of the Corporate Relocation Council of Chicago, www.crcchicago.org. The First Door You Open In Chicago Renting a temporary furnished apartment for your arrival S o , yo u a r e m ov i n g t o C h i c a g o . Welcome! Whether you are traveling on long-term assignment or relocating here permanently, the process of finding a new home for you and your family plays a crucial role in the success of your overall relocation experience. The questions are many: Cit y or suburbs? What are the neighborhood, school and transportation options? While you take the time to get to know the area and make these important decisions, it may comfort you to know that you have excellent resources ready to assist, including services that provide relocation-friendly, temporary housing during your transition period. In addition to traditional and extended-st ay hotels, many fine companies offer a product called “corporate housing, or fully furnished ” and accessorized apartments for short-term lease. You don’t have to be a corporation to lease one, only interested in high-end, residential, temporar y living at a value price point. As you shop, many factors will contribute to the price of these furnished apartments, including the building you choose, furniture package, how often you would like housekeeping service, if you need garage parking, and the length of time for which you will need the apartment. Most typically you will find these furnished apartments available for a minimum lease period of 30 days. As referenced on the Illinois Department o f Reve n u e We b s i t e , t h e s t a t e 20 chicagol i v i ngmag.com imposes a tax on the occupation of renting, leasing, or letting rooms to persons for living quarters for periods of less than 30 days. Therefore, most companies have a 30-day lease minimum policy. Recently, the practice of leasing furnished apartments and/or condominiums for a shorter term lease period has become a topic of much debate in Chicago. If you cannot tour furnished apartment options in advance, request an actual interior photograph versus a model apartment photograph. In July 2007 ABC Channel 7 News ran an I-Team Investigation report on this subject titled “Strangers in the House” regarding daily rentals. In the investigation ABC conducted an Internet search for nightly apartment rentals, contacted the advertisers they found and investigated how many were licensed as a hotel. Answer: zero. In September 2007, Alderman Burke proposed an ordinance which would further define licensing requirements for companies who offer rentals for a period of 31 consecutive days or fewer. If passed, the cost to provide these shorter term rentals will likely increase, but there would be a clear and regulated path for all interested landlords to offer this type of product. Corporate housing is a multibilliondollar-per-year industry and plays a critical role in the travel budgets for many major Chicago corporations. For individuals and families relocating to Chicago, a potential change from the current 30-day state minimum rental without charging hotel tax to the slightly more strict minimum proposed by Alderman Burke of 32 days should have little impact as the average length of these furnished rentals is 89 days. However, savvy corporate purchasers, especially corporations that base relocation policy budgets for temporary housing on a one month minimum (or less) equivalent allowance, should be watchful of industry trends and aware of this potential added expense. Whether for 30 days, 32 days or a year, new Chicago residents interested in this type of furnished apartment rental are sure to find many product options ranging from economic to luxurious. If you cannot tour furnished apartment options in advance, request an actual interior example photograph versus a model apartment photograph. Combined with quality service, your furnished apartment rental will provide a uniquely residential product for your temporary living stay. ■ C h i c a g o L i v in g 2008 http://www.crcchicago.org http://www.chicagolivingmag.com

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Chicago Living - Relocation Guide 2008

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