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What is Corporate Housing?

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  • Written By: Michael Pollick
  • Edited By: Niki Foster
  • Last Modified Date: 10 November 2016
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    Conjecture Corporation
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Not every business matter can be handled during a weekend seminar or week-long visit to a branch office. Quite often, an executive or project manager must remain out of town for weeks or months at a time. Staying in a cramped hotel room on the outskirts of town is not always the best arrangement for business leaders. This is why many private housing agencies offer a special service called corporate housing.

Corporate housing is usually designed to be a temporary or short-term arrangement. The available units can range from extended stay suites in a hotel to fully furnished condominiums or apartments. Many options are located right in the heart of major cities, eliminating the need for long commutes in unfamiliar surroundings. Finding a regular apartment for rent in New York City may be problematic, but corporate housing is almost always available for short-term leasers.

The cost of such housing may be substantially higher than comparable private housing, but it may include utilities and other services. The price is also usually negligible when compared with the alternative of long-term leases for a temporary guest. Most housing is also fully furnished, and there may be housekeeping services available.

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The benefits of corporate housing are numerous, beginning with the improved living conditions for visiting executives and managers. After a productive workday, guests can relax in a home-like environment, rather than a sterile and impersonal hotel room. Spouses and children can often accompany a business traveler who is living in this type of housing. Guests can store and cook their own food, eliminating the need for expensive outside dining. Visiting executives can also entertain guests or hold private meetings away from the office.

Corporate housing is usually offered through real estate agencies and other property rental businesses. Extended-stay hotels and suites generally advertise their suitability as well. Companies may find that it is especially helpful to work through a rental agency in order to get the best terms for temporary housing or short leases. Private property owners may be more reluctant to offer such arrangements, since they would not be assured of occupancy after the visiting executive returns home. Corporate housing is usually a lucrative source of income for rental agencies, especially in expensive cities like New York City and Washington, DC.

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TempHouseGal
Post 4

Corporate housing really is the way to go in most extended stay situations. Who doesn't want extra privacy, space, and comfort (and typically for less money than a hotel)?

comfyshoes
Post 3

Suntan12-I know that my husband’s company actually owns a few apartments in the area. They use these apartments to house their interns who come from Germany.

The apartments are strategically located near the office and since this is a yearly and going project, the firm felt it was best to own the apartments rather than participate in a corporate housing apartment rental.

suntan12
Post 2

Oasis11- I know that at Extended Stay corporate housing in Orlando Florida offers studio apartments from $21.50 to $44.99 per night for a 30 day stay.

The more amenities the property has the more expensive it is. Also, the closer the location is to tourist sites the more expensive it is.

These rooms offer a full kitchen and are similar to studio apartments. They are usually conveniently located near major highways so executives new to the area can easily spot them.

Extended Stays also offers long term corporate housing as well. Usually people seeking this option are consultants that are working on a long term projects, or an F.B.I. agent that was reassigned to

work in a different part of the country.

oasis11
Post 1

Corporate housing does save a lot over time if the executive will be in a specific locale or an indefinite amount of time.

Sometimes selecting corporate housing rentals in which you pay monthly rent is more cost effective than continuing to pay hotel rates.

For example, you may be able to get a corporate apartment on the beach for $2,000 to $3,500 a month with an ocean view along with two bedrooms. A hotel room with the same type of view would cost a minimum of $7,500 for just one month.

This also does not include the hotel taxes and additional fees. A corporate housing lease can be signed for a minimum of one month. The apartments can come furnished or unfurnished.

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