What Is Corporate Housing?
- Jun 15, 2021
If you’ve ever had the need to spend some time away from your permanent home, either as a business or leisure traveler, you’ve probably considered corporate housing. But what exactly is corporate housing, anyway?
It can be a bit confusing, since there are several different terms for it. Some of these terms include:
–Temporary furnished rentals
No matter what you call them, their purpose is the same: to provide residents with everything they need to live away from home for a short or extended time period. The Corporate Housing Providers Association (CHPA) defines corporate housing as “fully furnished temporary housing, typically in an apartment setting. Professional providers coordinate these units to include furniture, housewares, amenities, cable, phone, electric, water, etc., usually at one inclusive cost to the company and typically for 30 + days.”
So what makes it corporate housing, what are the benefits, and who typically uses it? Let’s take a look.
A full-service temporary housing solution
Corporate housing is a full-service solution—coupled with full-service amenities—for anyone who needs the comfort and convenience of home without actually being home. Unlike hotels, corporate housing is both a product and a service. The product is the apartment or house itself, and the service is a housing package that includes amenities such as maintenance and 24-hour customer service.
Corporate housing typically includes:
–Fully equipped kitchen
Some corporate housing also includes access to various building amenities, such as an on-site gym, resident lounge or business center, as well as a washer and dryer either on-site or in the unit.
Benefits of corporate housing
Corporate housing is available on a short-term basis and comes already furnished, so there’s no need to plan for a big moving day and haul loads of furniture from one place to the next. It’s also usually available without much notice, so if someone discovers they need to relocate in just a few days, corporate housing can be available and ready for them to move into as soon as the time comes.
Corporate housing also fills the gap between hotels/vacation rentals, which are usually rented by the night, and long-term leases, which usually lock in the tenant for one year or longer. Unlike hotels, which don’t usually come with a kitchen or very much space, corporate housing provides all the typical inclusions of standard apartments: a full kitchen, one or more bedrooms, a private bathroom and a living area. Most hotel rooms only average around 325 square feet, but corporate housing units can range from standard-sized apartments to lofts, single-family homes, townhouses and condos.
In large cities and sometimes the suburbs, you might find corporate housing options available among apartment communities. In these situations, the corporate housing tenant will have access to some or all of the amenities provided at the community, which might include swimming pools, fitness centers, laundry, lounges or outdoor space.
Difference between corporate housing and other short-term rentals
Most hotels and vacation rentals aren’t designed for stays longer than a few days or a couple of weeks. Corporate housing is generally rented out in month-long increments. Additionally, corporate housing tends to offer a few benefits that aren’t often available through other forms of rentals, such as all-inclusive flat rates that cover gas, water, electricity and WiFi.
Because they’re designed for people who will actually live in the units – as opposed to vacation spaces, where the occupants are expected to be out exploring most of the time – corporate housing offers a “homey” atmospheres that is both inviting and functional. They come fully furnished and include common household items and kitchen goods, like coffee makers, towels, dishes, silverware, glassware, pots and pans, extra linens, toiletries, hair dryers and more. Some even include an in-unit washer and dryer, so guests don’t have to worry about finding a laundromat.
What sets corporate housing apart is its ease and livability. The guest can simply arrive with little more than a suitcase. Once the clothes are unpacked and the kitchen is full, the guest’s new home is ready for them to sit back and relax as though it’s their very own.
Who uses corporate housing?
Anyone who needs a place to stay for a month or longer, without a long-term commitment required, can benefit from corporate housing. Let’s say a college student lands a summer internship across the country. They’ll only be there for a few months, and it’s two time zones away. It doesn’t make sense for them to move all of their belongings, sign a long-term lease and furnish the place when they are only there for three months. A hotel or vacation rental wouldn’t make sense either, as they’re too costly and not meant for extended stays. Instead, they can just stay in a corporate housing unit for the duration of their internship.
If the name means anything, corporate housing works well for employees who need to be on business travel for extended periods of time. Businesses will often provide corporate housing for their traveling or relocating employees, because a comfortable worker is a productive worker.
Other use cases include:
–Relocations, as a temporary place to stay in a new city while getting to know the area, choosing a neighborhood or closing on a more permanent home
–During home renovations or repairs, to avoid living in a construction zone
–Extended medical stays, to be closer to a loved one at the hospital
–Insurance claimants displaced from their home due to water damage, fire or a natural disaster
–To fill a gap between leases or mortgages
–Off-campus student housing
–Government and military
–Digital nomads wanting to experience different cities
Why Furnished Quarters is the best corporate housing option
At Furnished Quarters, we believe your experience is just as much about the service behind the stay as the space you live in. That’s why we like to get to know your needs and desires and help you find the short-term furnished rental that works best for your unique needs. Search our apartments or learn about our corporate programs and find out what it means to Stay Different.