What is corporate housing? It’s a home away from home for people on work-related trips that extend beyond a few days. Instead of asking people to get comfortable in an already unfamiliar location by putting them up in a cookie cutter chain hotel, this approach gives the employee a chance to settle in somewhere. They feel more rooted in that community, morale improves, and they can better focus on the job at hand.
What is corporate housing for?
Corporate housing is a turnkey solution for short-term, fully-furnished housing that suits the needs of users such as:
- Business employees and their families relocating to a new city
- Workers serving an extended stint at another office location
- Military personnel
- Groups of interns
- Executives getting to know a new team
- Consultants training a remote client
- Families needing a home during renovation or while waiting to move into a new house
- Individuals looking for a more homelike environment when relocating for medical treatments
Corporate housing offers month-to-month flexibility in professionally managed properties. The fully furnished listings typically offer conveniences such as fully equipped kitchens, washer and dryer in the unit, WiFi, and all utilities. The spaces are larger, and the guests join other residents in a community rather than living in a space with different people coming and going every day. All of this is covered by one simple fee, which adds to the convenience of corporate housing.
Corporate housing contracts are typically for a minimum of 30 days. But the stay can be for a few months or more. Meanwhile, the guest staying in corporate housing doesn’t have to do anything other than pack their clothes. The idea is to let the corporate employee settle in easily without having to get a moving truck and haul all their own items with them.
Financial auditors, medical researchers, oil and gas workers, manufacturing project managers, technology programmers, film crews or travel nurses could all take advantage of the corporate housing approach. Also known as corporate apartments, executive apartments, serviced apartments, or short-term housing, corporate housing presents a useful solution for families and individuals needing temporary housing for other reasons too.
From a corporate perspective though, the business gets to build morale by giving its employees a comfortable place to stay with everything already taken care of, while only having to pay the one fee. There is also only one point of contact to work with, which streamlines the experience for all. Plus, the corporate housing provider is responsible for paying the taxes, knowing property zoning laws, and abiding by health and safety codes and other local regulations.
Pullout: See how the CHPA answers the question: what is corporate housing? in this short video.
Other Uses for Corporate Housing
Corporate housing is typically located in prime real estate areas with a lot of business needs. For instance, some of the cities where AvenueWest serves corporate customers include Atlanta, Boulder, Colorado Springs, Dallas, Denver, Denver Tech Center, Las Vegas, Phoenix, Raleigh, Reno, Sacramento, Scottsdale, St. Louis, San Francisco and Tucson, as well as Toronto, Canada.
This makes corporate housing a good option for people looking to try living in a new place. They can stay in a prime location for a month or two, without having to pay the premium for an extended hotel stay. Plus parking is typically included.
With virtual work gaining momentum, individuals who want to take their job on the road can enjoy the comforts of home while on the move. Yet they don’t have to sign a long-term lease or relocate their belongings to enjoy this more nomadic experience.
You’ll also see insurance companies putting people up in corporate housing if their customers are displaced by flooding or fires. This gives families in a difficult situation some semblance of normalcy while they wait for their own home to be repaired.
Corporate housing checks the boxes for a variety of users. At the same time, real estate investors and property owners enjoy the uniqueness of corporate housing. They have a guest occupying their rental for longer periods of time, and the residents are vouched for by the client organization.
Now that you understand corporate housing and its uses, look forward to learning more on our blog about this growing industry.