Corporate housing, or temporary furnished housing, provides short-term accommodation for business travelers, relocating employees, executives, and consultants.
If you need a fully furnished place to stay for a few months while you’re away on a work project, corporate housing has you covered—no more cramped hotel rooms or renting an empty apartment and furnishing it yourself.
Corporate housing gives you a comfortable temporary home with all the amenities of a long-term place. Keep reading to get all the details on this convenient housing option for your next business trip or relocation.
What is Corporate Housing?
In simple terms, it refers to furnished apartments used for extended stays, often by business travelers, corporate transferees, or those in need of temporary housing.
Corporate housing provides a comfortable home-like environment for people needing a more extended stay than a typical hotel visit. We’re talking weeks or months at a time.
These furnished rentals have all the amenities of a home – fully equipped kitchens, linens, housewares, electronics, and often amenities like a gym, pool, or parking.
Who is Corporate Housing For?
Corporate housing is ideal for business travelers, project teams, and those relocating for work.
1. Short-Term Assignments
Corporate housing allows you to live comfortably for a few months without committing to an apartment lease if you need to travel for a short project or temporary work assignment.
At times, workers working near an industrial worksite are also provided with man camp housing, which typically consists of modular buildings, RVs, mobile homes, or barracks that can be quickly assembled and disassembled as needed for projects. Man camps provide necessities so workers can reside near job sites that may be in remote locations.
In corporate houses, everything is furnished and set up for you, so you can focus on the job rather than spending your time off furniture shopping or setting up utilities.
2. Relocating for a New Job
Starting a new job in an unfamiliar city can be stressful enough without finding an apartment right away. Corporate housing gives you a fully outfitted home base to take your time exploring neighborhoods and finding the right permanent place.
3. Large Project Teams
For significant initiatives that bring colleagues together from different locations, corporate housing takes the headache out of coordinating everyone’s accommodation needs. The provider can reserve apartment blocks or even entire buildings to house your team, with units outfitted for both business and personal needs.
Types of Corporate Housing
When looking for short-term housing, you have a few options.
1. Furnished Rentals
These fully furnished apartments or houses are rented short-term, typically 3 months to a year. All utilities and amenities are included so that you can move right in. Furnished rentals provide flexibility if you’re unsure how long to stay.
2. Extended Stay Hotels
If you need a place for a few weeks or months, an extended-stay hotel could work. They have kitchenettes, housekeeping, and some even have pools and gyms. While convenient, extended stays may feel cramped for long-term living.
3. Serviced Apartments
For stays of a month or more, serviced apartments offer spacious living with extras. They come fully furnished, including linens, kitchenware, and housekeeping and concierge services. Most have gyms, pools, and in-house laundries too.
The Benefits of Corporate Housing Over Hotels
There are several advantages to choosing corporate housing over a traditional hotel for your next business trip.
1. Privacy and Comfort of Home
Corporate apartments provide a residential feel with separate living and sleeping areas, a fully equipped kitchen, and amenities like a washer/dryer. You’ll have space to relax and unwind after a long work day.
2. Cost Savings
Extended stays in corporate housing are often less expensive than hotels, especially when you factor in additional costs for meals, laundry, and parking. The longer you stay, the more you save.
3. Location Options
Corporate housing can be found conveniently for your office or project. You’ll have options ranging from urban city centers to suburban communities.
4. Safety and Security
Most corporate housing complexes have secure access with keyless entry or a doorman. Some also have security cameras monitoring the property 24 hours a day.
5. Pet Friendly
Many corporate housing providers allow pets for an additional fee and with certain restrictions. If you want to bring your furry companion on your business trip, corporate housing may be a great option.
How Corporate Housing Works: Leasing and Duration
Corporate housing typically operates on a lease basis, whether short-term or long-term.
1. Leasing
The company leasing the unit will sign a lease agreement for a set period, and At the end of the lease term, the company can choose to renew the lease for another fixed term or vacate the unit. Lease rates are often lower for longer lease terms, so companies planning to utilize a unit long-term can save money by signing a 1-year or 2-year lease.
During the lease period, the corporate housing provider will furnish and maintain the unit. All utilities are typically included in the rent, and maid service for cleaning and linen changes is often offered weekly or biweekly.
2. Duration
A stay in corporate housing can range from 1 month up to 2 years or more. Short-term leases of 3-6 months are common for projects, training assignments, and temporary job relocations.
Longer 6-12 month leases may be used for extended temporary assignments or when a company is exploring opening a new branch office. Leases of 1-2 years provide more permanence for long-term job relocations or branch offices.
Facilities Corporate Housing Provides
Corporate housing offers amenities to make you feel at home while traveling for work.
1. Housekeeping
Weekly or biweekly housekeeping services are commonly offered to tidy up and remove the trash. They may also provide fresh linens and towels on a regular schedule.
2. Utilities
All utilities are typically included – electricity, gas, water, sewer, trash, and WiFi. You won’t need to set up accounts or worry about paying bills during your stay.
3. Cable and Streaming
Most corporate housing provides cable TV and streaming services like Netflix for entertainment. A few may also offer movie streaming boxes or gaming consoles upon request.
4. Fitness facilities
Onsite gyms, pools, and recreation areas are featured at extended stay locations. This allows you to maintain your regular workout routine while away from home.
5. Parking
Secured parking, covered or surface lots, is usually available for residents at no additional cost. Some properties even offer reserved or garage parking.
Conclusion
So there you have it, the ins and outs of corporate housing defined. Whether you’re relocating for a new job or project or just looking for flexible housing options, corporate housing could be the solution you’ve been searching for.
Now that you understand exactly what it is, how it works, and its benefits, you can determine if it’s the right choice. Corporate housing aims to make life easier by providing you with a fully furnished place to call home for as long as you need.
Also read: Types of Real Estate Properties: Houses, Condos, and More
