What is corporate housing?
Corporate housing is fully furnished, serviced housing available to rent on a temporary basis.
All you need to bring is your suitcase and food for the fridge. You might also hear corporate housing referred to as corporate apartments, executive apartments, serviced apartments, temporary housing or short-term housing.
Stays in corporate housing range from 2 to 3 days up to 3 or 4 months or longer – quite a bit longer than a typical hotel stay.
Corporate housing often is in apartments or condominiums. Still, detached, single-family homes may also be available, depending on the local market. It’s important to note that the term “corporate housing” refers not just to the physical space being rented, but also to the suite of services included with the rental.
Who benefits from corporate housing?
Traditionally, business travelers were the main users of corporate housing.
However, corporate lodging has since gained popularity with a broad cross-section of people in need of medium-term accommodations.
Business travelers still use corporate housing, as do government employees on extended assignments. Corporate housing is particularly useful for relocating employees, especially corporate executives.
In fact, the Corporate Housing Providers Association reports that relocation is the reason for the extended stay 40% of the time.
Relocating employees might live in corporate housing temporarily to try out a
neighborhood or while selling their old house or finding a new house. There’s no
pressure to buy or rent a new home immediately. And if a new city or position turns out not to be a good fit, there’s no lease to break.
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.
Corporate housing has also become popular for interns, both medical interns, and business interns. Rather than going to the trouble of arranging for utilities, furniture, and housewares, they can simply pay one fee that takes care of everything.
Homeowners temporarily displaced by a fire or other disaster may also occupy corporate housing. In these situations, insurance companies shoulder the cost of putting claimants up in a housing of “like kind” while their homes are being repaired.
Some adventurers even rent corporate housing for extended vacations.
If you’re going to be exploring a new place for 30 days or more, why spend the extra money on a hotel suite when you can live like a local in corporate housing?