Growing Rental Demand Driving Growth of CORT’s Destination Services

Destination Services business grows by 56 percent as businesses and employees choose renting for relocations

CHANTILLY, VA (October 12, 2011)With an historic shift and rising demand for rental services, CORT’s support for renters with a robust suite of destination services grew at a rapid pace during the past two years, including a 56 percent increase in its destination services business in 2011.

According to the Worldwide ERC, two-thirds of organizations reported an increase in home-owning transferees choosing to rent at the new location rather than buying a new home in the 2010 U.S. Transfer Volume and Cost survey. Challenging economic market conditions, including the housing crisis and high unemployment, continue to drive this dramatic shift in the relocation industry.

Many companies are shifting their relocation policies, previously designed to support homeowners, to reflect these trends with support for renters. Furniture rental is on the rise as well for relocations, with many relocating employees choosing to live either a commuter lifestyle or leaving the original home furnished until sold.

“The trend for more employees choosing to rent continues to rise, and we’re also seeing a growing number renting homes in their new location. We are continuing to grow our destination services to support companies relocating employees in all 50 states to ensure a smooth transition and increased productivity,” said Mark Koepsell, senior vice president at CORT. “CORT is providing destination services to more than 600 corporations, and that number is growing rapidly as companies adapt to these market conditions.”

CORT’s local market experts assist individuals looking for a rental house or apartment with local market orientation tours to help customers find the ideal neighborhood to fit their needs, including information about schools and day care services, churches, shopping, entertainment, recreational sports and fitness activities. For employees moving into the United States, services include help obtaining a social security card, driver’s license and auto insurance, establishing a bank account, enrolling in driving schools and language classes, learning to use public transportation systems, buying or renting a car, learning to use US-style appliances, and more – virtually anything needed to settle into a new home and community.

“As the only company with offices across the nation, CORT is well positioned to help companies and their employees with destination services and furniture rental virtually everywhere in the nation,” said Jeff Rowe, CORT’s vice president of ApartmentSearch.com. “Our people live in the communities. We are truly the rental experts. No one spends more time learning the rental industry in every local market than CORT.”

In today’s global business environment, CORT’s global furniture network continues to expand with partners in more than 60 countries. In addition to renting furniture for international moves outside of the United States, a growing number of businesses with employees relocating to the United States are relying on CORT as a trusted partner for destination services for employees relocating to the United States.

With customers including over 80 percent of the Fortune 500 companies in the United States and many government agencies, organizations benefit from CORT’s national scope with offices in every major metropolitan area and core strengths in rental housing locating, destination services, and furniture rental to empower the world’s global workforce.

For more information about CORT’s Destination Services, please visit www.cort.com/relocation/destination-services

For employees relocating outside of the United States, CORT operates a global network of furniture rental partners in more than 60 countries encompassing Europe, the Middle East, Asia, South America and Canada. Rental housing and furniture for international moves is a cost-efficient and convenient alternative.

For longer term stays (6-24 months), unfurnished apartment/homes offer employees the ability to select a neighborhood that suits their lifestyle and creates a “home away from home” based upon individual needs and tastes that fit their pocketbook. Frequently, coordinating the installation of rental furnishings in advance provides even greater savings since duplicate housing costs are eliminated.

Furniture rental can also play a role in longer term assignments to supplement a household goods move whereby the transferee can move into their permanent accommodations upon arrival versus paying for duplicate housing. Settling into the host country will not require two moves and acclimation to the new environment is faster.

For the past 40 years, CORT has been a leading provider in rental furniture and has provided services to more than 80 percent of the Fortune 500 companies. CORT is a Berkshire Hathaway company and has offices in every major U.S. market, offers a full range of rental and transition support services, including area-orientation tours and online apartment search services at www.ApartmentSearch.com. For more information about CORT, visit www.cort.com.