By Michelle Moskowitz
Sentinel Correspondent
Elk Homes is a leading provider of pet-friendly furnished and unfurnished rental apartments and single-family residences in Greenwich and Westchester that specializes in high-quality, turn key, modernized living.
Elk Homes has a two-pronged approach to providing renters a full-suite of service offerings. First, they provide fully furnished homes and apartments available to rent for as little as 30 days, but they can be rented for a few years as well, if needed. There is no long-term obligation required as tenants can move out on just 30 days’ notice.
This niche market mostly targets individuals or their families relocating from overseas, typically for a corporate relocation, as well as for people who find themselves in a transitional phase.
Tenants are offered a comprehensive, cost-effective package where one monthly payment will cover rent, furnishings (including fully equipped kitchens and linens), utilities, domestic phone service, premium cable television and high-speed wireless internet.
Essentially, these modernized homes are move-in ready within less than 24 hours.
All of their furnished residences are just a short walk to town and the train station, since many of their tenants commute to Manhattan.
The other piece of their rental business is that of flexible long-term leases for both unfurnished apartments as well as single-family homes.
This growing market consists of young families new to the Greenwich area, empty nesters who want to downsize or live closer to town, or simply those who prefer to rent a “well-maintained” home, rather than invest their capital in owning and maintaining one of their own.
The co-partners of Elk Homes, Gary Hirsch and Jim Lash, who served as Greenwich’s first selectman from 2003 to 2007, are behind the successful venture, and have been business partners since 1981.
Hirsch, a CPA by training, has decades of real estate experience, including the development of the flagship Ralph Lauren store on 72nd and Madison Ave.
Lash started his career on the Apollo space program as an aeronautical engineer, and for the past 40 years has achieved much success in the private equity space.
Aside from living in Greenwich for four decades, Lash’s knowledge of the inner workings of the community are vast.
In addition to serving as first selectman, he is currently serving his third term as chair of the Budget Committee of the Board of Estimate and Taxation.
“Greenwich is such a beautiful place to live, a great commute to Manhattan and we feel our business model is in just the right spot,” said Lash.
The culmination of the partners’ broad, collective expertise contributes greatly to their firm’s success, particularly as it relates to understanding the importance of setting a high standard of customer care.
With the housing market in the doldrums in 2011, they saw a demand for rental homes increase and began to invest in and renovate properties in the community that would benefit renters seeking beautiful homes, without the back-end worry.
In addition to such properties being well maintained and in close proximity to town, Elk Homes provides a designated property manager for each of its rented properties available 24/7 should an issue arise.
These vendors have been vetted and are highly accredited to ensure quality control. There is even an online app available where users can enter and manage their issues online.
Strict maintenance schedules are also implemented in advance to ensure all mechanical systems and infrastructure is functioning properly throughout the duration of one’s lease.
They currently have approximately $40 million under management and have a 99 percent occupancy rate of their properties.
They are actively seeking new investment properties as their firm looks to continue its expansion.
Their Greenwich locations include Orchard Place, Brookside Drive, Dandy Drive, Mianus View Terrace, Lockwood Drive and Heusted Drive.
Their marketing outreach consists of local real estate agents, relocation companies, mainly abroad, and online advertisements, primarily through google.com, where they have experienced much traction.
Elk Homes has 10 employees based out of their Rye, N.Y., office and consists of corporate managers as well as their full-time property managers which Hirsch is convinced is one of their best-selling features that sets them apart from others.
“Real estate agents love working with us, because they know their clients will be well-serviced, promptly,” said Hirsch.
When asked how the current housing market impacts one’s decision to rent or to buy in Greenwich, Hirsch first pointed out that in the U.S., 65 percent of homes are owned while 35 percent of homes are rented, according to the U.S. Census Bureau.
He added, “It’s ultimately a personal choice, but for some, buying is just not the right option.”
Hirsch said the company’s pricing model is commensurate with Greenwich real estate prices. “The rental price is a direct function of the total cost of the home, which includes mortgage, maintenance and property taxes,” said Hirsch.
In Greenwich, property taxes are about two-thirds less than those of Westchester County, but housing prices are 20 percent higher, because of Greenwich’s close proximity to New York City, its robust, bustling downtown and its reputable schools.
For more information, visit elkhomes.com; call 914-921-9400; or email info@elkhomes.com.
