Corporate Housing: The Basics
What is it?
Corporate housing is temporary, fully furnished housing. It is typically used for months at a time, unlike extended stay hotels that typically rent weekly. It also differs from typically unfurnished renting, that sets the payments based on a yearly lease. However, corporate housing is still a shorter period of time than simply renting or leasing a space. The space is normally an apartment or condominium, but can also be a single family home, depending on the area in which the corporate housing property is located. The apartment is complete with furniture and appliances; the only things needed are those one would typically travel with (clothes, toiletries, food, etc.). Typically, most corporate housing spaces will be fully updated and include other services that make the business trip easier: dry cleaning, trash pick-up, room service, cleaning series, etc.
Who uses it?
Business travelers are the most likely to use corporate housing. Those who are travelling for business to train another company, relocate their work, etc. may need the temporary housing until the project is complete. Some of the common fields of business to use this type of travel housing include healthcare, energy, government, and military. Sometimes those who have lost their home due to fires or other natural disasters may be placed in corporate housing as a temporary solution until other housing plans have been established. Those who travel for pleasure may decide corporate housing is right for them if they plan on staying in the area for more than a month and want to alleviate some of their cost.
Who owns them?
These temporary housing options can be rented out different ways. Sometimes, the company itself is large enough to own properties or spaces. This allows for no reservation conflicts or other insurance issues. Other times, the company may rent from a private investor. These investors have either a single-family home, a top-floor executive suite, etc. that they have put the money into in order to rent out to businesses.
Why choose corporate housing?
Corporate housing is more costly than renting out an unfurnished apartment for a twelve-month time period, but is more cost effective than trying to stay in a hotel or extended stay for a longer time frame. At times business men relocating for an extended temporary period may decide to bring along their families or pets. In this case, corporate housing is much more accommodating and beneficial than either a hotel or an unfurnished apartment.
Corporate housing is ideal for the travelling business person; especially those who will be travelling to the same place often or will be staying for an extended period of time. These sort of rentals are typically reserved for larger businesses but may also be used for temporary housing in certain situations. Larger companies may even own their own corporate housing sites to house their employees, as to avoid booking issues or reservation conflicts. Corporate housing has become a very beneficial part of business expansion and travel.