What is Corporate Housing?
Every year there are over 462 million Business Trips taken throughout the United States. When employees travel, there are various options for housing provided by employers. Some options include hotels, motels, extended stays, bed & breakfasts, and corporate housing. There are several variables that impact a company's decision to choose an option over others. In this article we will focus on Corporate Housing to describe what this housing type is, why an employer may opt for this housing type, some of the pros/cons, and pricing.
Corporate Housing as defined by Wikipedia is explained as a furnished apartment, condo, or home on a temporary basis to individuals, military personnel, intern groups, or corporations as an alternative to a traditional hotel or an extended hotel stay. Corporate housing typically offers larger square footage, often at costs less than that of hotels, offers full customer service, and is typically used for stays averaging one month or more.
Employers often choose this housing type for employees when they are being relocated, need to get acclimated fast to an area, are in the process of buying/selling homes, are going to be on an extended assignment, and would like amenities that provide the home-away-from-home experience. With corporate housing, there is no pressure on the employer or employee for a long-term lease commitment. Some of the most common industries for corporate housing clients include:
Healthcare, such as travel nurses and medical researchers.
Entertainment, such as stage performers and film crews.
Energy, such as oil and gas exploration workers.
Professional services, such as consultants.
Government and military, such as reassigned service members.
Manufacturing and construction, such as project managers.
Finance and banking, such as auditors.
Technology, such as contracted programmers.
Some of the added benefits of corporate housing are added privacy/features of a home, fully-equipped kitchens, utilities combined in one all-inclusive monthly fee, amenities that you would find in a hotel such as fitness center/swimming pool, and is often less expensive that a hotel. Fortunately there are not too many cons with corporate housing. Two mentionable opportunities that exist for this industry are location options, and co-living proximity. The location options may be limited as corporate housing is usually centered around many business environments to be close to employers, and if you prefer to have the seclusion of a single-family residence to avoid encounters with neighbors, corporate housing does leave that to desire.
On average, corporate housing costs significantly less than hotels. While the exact price will vary depending on home size, amenities included, and location, typically when compared apples-to-apples with hotels, you'll find that the majority of the time, corporate housing will be much less in daily and monthly cost; as much as 30% discounted. Of course, you'll be spared of the doorman, bellhop, and room service but if you can live without those niceties, Corporate Housing is for you!
Be sure to visit moderndaystay.com to arrange your next corporate housing experience, or to find out more about premier hospitality.