Corporate housing may seem like the feasible option for those people going on extended trips overseas. It gives the user a homely feel and unlike hotels which can get expensive when booked over a longer period, corporate housing is fairly inexpensive. What exactly is corporate housing? It is a fully furnished and serviced housing which is available for rent temporarily.
What is the minimum length of stay in corporate housing?
On average people stay in corporate housing for 2 to 3 months which is longer than the average business trip. This housing is often in apartments or condominiums. Corporate housing refers not to the space that is available for rent but rather to the array of services that are offered with the rental.
Who uses corporate housing?
Business travellers and government employees commonly use corporate housing on extended work assignments. It is also useful for those people wanting to relocate. According to the Corporate Housing Providers Association, relocation accounts for 40% of extended stays. They may wish to live in corporate housing to try out a new area, or neighbourhood whilst selling their od home. This will help them decide if they really do want to buy a new home in that particular area.
Corporate housing in America
America is becoming a nation of renters since the housing crisis. In 2005 there were 10.5 million single family rental homes however today the number sits at 17 million. During the housing crisis many investors bought thousands of distressed properties and converted them to rentals. Many people were under the impression that they would buy these houses and one day resell them, making a profit. However, it hasn’t worked out that way as the recovery process took longer than previously anticipated. Corporate housing in New York has become increasingly popular as there are many luxurious offerings at affordable prices for those travelling there.
Common industries for corporate housing
There are various types of industries that commonly look to corporate housing. These include:
- Healthcare – Nurses and medical researchers that travel may prefer corporate housing
- Entertainment – stage performers and actors will find corporate housing useful
- Government and military – Reassigned service members may find this accommodation beneficial
- Finance and banking – Auditors
Corporate housing is popular amongst interns, whether business interns or medical interns. It may also be useful for homeowners that may have been displaced due to natural disasters or fire. They may wish to occupy corporate housing until their homes are renovated or repaired. Many people look to corporate housing as a good compromise between staying in a hotel and renting a furnished apartment. It gives the users a home away from home feel, offering privacy and all the amenities you would enjoy at your own home. Corporate housing has a lot to offer but most importantly it is less expensive and less commitment.