In 2020, business travel and corporate relocations slowed down. Now, things are picking back up again. At the same time, many cities are experiencing hot real estate markets. A shortfall of available properties has been exacerbated by the COVID-19 pandemic. All this makes moving with a family even more challenging than before.
In Denver, for example, thousands are migrating to Colorado to make it their new home. But inventory is at record lows. In May 2021, the 5,284 active listings was a 68.2% drop from 2020. The average sale was 104.4% of list price with properties on the market for just 25 days (down 37.5% from the year before).
That kind of market activity leaves families scrambling:
- To find a new home when they relocate
- To move out of and sell their existing home, so they can place their next offer without contingencies
- To renovate their current home when moving is not an option
Yet they all need somewhere to stay in the interim. That’s where corporate housing for families is useful. Whether it’s a relocation, home renovation, or just for the month or more between selling and buying a new home, corporate housing provides an attractive option.
Advantages of Corporate Housing for Families
#1 Feels like home
Corporate housing is fully furnished. This reduces the amount of packing and unpacking the family needs to do. You can put away all of your belongings from the old home until the new one is ready. Still, you get to step right in the front door of a fully furnished home. This kind of housing provides a full kitchen, washer and dryer, and WiFi too. All you need to do is bring some items that make it feel familiar and you can settle in right away.
Plus, this is not like staying in a hotel where the people around you are checking in and out on a daily basis. Your family can get to know neighbors and join a community.
Many short-term corporate rentals also offer amenities that can make your family’s stay even easier. Some options include:
- Onsite pool and/or gym
- Concierge services
- Cleaning teams
- Pet wash stations
- Roof top decks
Corporate housing isn’t just located downtown. There are properties for families located in the suburbs. You will still be in a convenient location for your work commute, or have an option for a home office, but can also still be near schools, shopping, and playgrounds, too.
Corporate housing caters to the quality expectations of a large corporation. As a result, you will have access to better furniture than one would typically find in a hotel. You are also more likely to have space to get comfortable and spread out as a family. You can relax on a full-sized couch, have dinner at a real dining table, and work at a desk (that is not also attached to the TV and the mini-fridge).
You only need to work with the one point of contact for your temporary housing. That is something that will certainly appeal to those fielding daily contractor calls to make decisions about this tile or that wall finish. You will a have choice on the amenities you want to pay for, and utilities, WiFi and parking will be included.
When the bill is picked up by your employer or an insurance company, that is certainly more affordable for the family. However, even when you are responsible for paying either on your own or through a lump-sum arrangement, signing a short-term contract of 30 days or more can save your family money. According to corporate housing providers, corporate apartments can cost 50% less than a hotel.
Corporate rentals come in all kinds of property types. You might choose a single-family home, or take a different approach for the short-term and live downtown in a condo or high-rise. Since it is only a temporary arrangement, so many families opt to try something new.
Corporate housing for families is also useful when life throws a curveball and you need to move out of your home for repairs after flooding or a fire. Corporate housing is also available for extended visits with family, or when assisting with elderly or new baby caregiving.
Find out more about corporate housing for families, and the investor benefits too with AvenueWest.