CORT Touring Services for Renters Grow 55 percent

CORT Drives Potential Renters into Thousands of Apartment Communities Each Month for Corporate Relocations

NEW ORLEANS, LA (June 24, 2010) The rapid growth of CORT’s local market touring services is resulting in more potential residents than ever before literally driven through the gates of apartment communities. The number of tours is up by 55 percent so far this year compared to last year, and has more than doubled in recent months, up 109 percent in April and 155 percent in May.

Apartment communities, still challenged by a recession that led to a three-year high in vacancy rates, are profiting from a relationship with CORT, a Berkshire Hathaway company that is the only national furniture rental company and leading provider of touring and destination services for renters, including international employees relocating to the United States on temporary and permanent assignments. CORT is averaging more than 300 tours a month and the average person visits about eight properties on each tour.

The rapid growth is the result of the increasing number of agreements that CORT has with corporations, including the more than 80 percent of the Fortune 500 companies that CORT has supported through the years, to help relocating employees find the ideal apartment with help from touring experts familiar with the local community.

“This is not simply an Internet lead or phone reference,” said Jeff Rowe, CORT’s vice president of ApartmentSearch.com. “No other company in our industry literally drives relocating employees into apartment communities thousands of times each month, and the properties realize these residents are unlikely to be reached by traditional local marketing efforts.”

Ken Segal, owner of Paradrome Properties in Cincinnati, said CORT’s service stands out from the competition. “We have a higher percentage of contracts signed with CORT because they take the time to work with potential residents up front to assess their needs and identify who might be a good fit for our properties,” said Segal. “We are delighted when CORT calls about a tour because we know they provide a great service. They know our properties and only bring us qualified residents, simplifying the transition for our staff and for our residents.”

Apartment communities recognize that CORT offers so much more than furniture with services that include online apartment search, touring and destination support services.

The housing crisis and rising foreclosures has forced businesses to re-evaluate how they support employee relocation. New strategies are centered on the rise of temporary assignments and rental services for domestic and international assignments. In fact, many companies are turning to “incent to rent” policies that encourage employees to defer home buying benefits until market conditions improve, leading more employees and families to CORT’s apartment community partners.

In addition to helping employees find apartments through area tours and listings on ApartmentSearch.com, CORT’s suite of destination services simplify the transition, including help with utility connection services, renter’s insurance, and furniture and car rentals.

The length of assignment determines not only who but what will accompany the assignee, and furniture rental is often a strategic solution for apartment residents. Furniture rental provides an alternative to the high cost of shipping furniture to support temporary assignments and helps accelerate the transition into a new home and location. Families can settle into their new homes right away and employees can immediately be more productive in their assignment.

For more than 35 years, CORT has been the nation’s leading provider of rental furniture with a global network of affiliates in more than 50 countries. CORT, a Berkshire Hathaway company headquartered in Fairfax, Va., also provides the nation’s most comprehensive range of rental relocation services, including online apartment search services at www.ApartmentSearch.com. CORT’s customers include more than 80 percent of the Fortune 500 companies. For more information, please visit www.cort.com.

Amanda Manna
919-459-6456
amanda@largemouthpr.com