When traveling many people look for a “home away from home.” A hotel may be perfect for a short trip, but lacking when it comes to long-term stays. Corporate housing offers long-term travelers the ability to stay in a fully furnished home or apartment and live there as if they had signed a lease. In many cases, it can come with financial benefits such as lower rates than hotels and amenities such as pools or fitness rooms.
What is corporate housing?
Corporate housing is a long-term rental, initially designed for business travelers. These rentals are usually fully furnished apartments, condos, or single-family homes that are rented out for months at a time. In comparison to hotels, corporate housing is much larger in square footage and offers full kitchens that are often furnished with a coffee maker, microwave, or other appliances. It allows travelers to arrive at their destination with a suitcase, purchase groceries, and then immediately feel right at home.
Who provides corporate housing?
Most corporate housing renters are business travelers, and the providers are “insured business entities, governed through tenant/landlord leases.” Providers are responsible for paying taxes, and abiding by property zoning laws, health and safety codes, and community lease restrictions on minimum stays. Though not all corporate housing is the same, many providers also pay for wireless internet and utility bills. Many also go through accreditation programs through the Corporate Housing Providers Association (CHPA) or International Service Accommodation Accreditation Program (ISAAP). These programs ensure competence and professionalism within the corporate housing industry. When looking for a provider, CHPA has a member directory online and recommends choosing a provider that:
- Is knowledgeable about their properties and community
- Has a strong network of individuals and businesses
- Can offer more than one property option
- Can clarify needs and advise next steps based on previous experience
How much does corporate housing cost?
Corporate housing is often a cheaper alternative to hotels but still offers amenities associated with short-term rentals. The prices differ based on location and size but can be anywhere from $100-$250 per day. Many corporate housing rentals are cheaper the longer you stay. The CHPA advises, when comparing costs, to consider the price of taxes, internet access, parking, laundry, housekeeping, fitness centers, and pool/spa use. Many options offer these amenities, and these in-house services can help save money in the long run.
How long can you stay?
Corporate housing is designed for residents who wish to stay in a single location for longer than a few days but less than a year. The CHPA cites that most residents stay for more than 30 days. Each provider has different restrictions on minimum stay, so when searching, it is important to know how long you plan to rent.
Corporate housing vs. other short-term rentals
Many short-term rentals offer furnished apartments for residents, but corporate housing offers both a product (the furnished apartment, condo, or house) as well as a service (the amenities and services that come with the housing). Though each provider is different, current trends include premium cable and Wi-Fi, wireless charging stations, and flat-screen televisions. It combines the amenities and services of a hotel with the comfort of a furnished apartment.
Alternatives to corporate housing
While corporate housing offers a multitude of benefits, there are other alternatives for extended stays.
A local hotel
Hotels frequently offer amenities such as business centers, fitness rooms, or complimentary meals, but staying in a hotel long-term can be very expensive. Additionally, hotels are not equipped for long-term renters to cook meals, as they often don’t have full kitchens and utensils.
AirBnB
AirBnB accommodations provide fully furnished apartments or rooms and can be more “homey” than a hotel. Yet AirBnB owners don’t have the same certification or may lack experience compared to corporate housing owners. It may be harder to get in touch with the owner of the AirBNB when you need assistance about services or have questions. Additionally, they may lack the knowledge or connections to find the solution to a problem. AirBnB homes vary in location and quality, so before booking long-term, be sure to do diligent research and communicate with the host.
RentHop
RentHop can be a great resource for short-term rentals. When searching for apartments, toggle the filter on for “short-term allowed” or “sublet/lease break.” These filters will find apartments that are available for month-to-month renting or shorter-term stays than a year-long lease.
Is Corporate Housing right for you?
Corporate housing isn’t just for business travelers – many types of residents need long-term housing that isn’t in their primary city. Patients in need of long-term medical care, travel nurses who are residing in a new city for months at a time, or residents displaced by natural disasters or crises can all be in need of long-term housing. Corporate housing is sometimes paid for by your employer, or in the event of a natural disaster, the renter’s insurance. Yet even when paying for it out of pocket, it still is a more financially feasible option than staying in a hotel long-term. Being in an unfamiliar area can be challenging even under the best of circumstances, and corporate housing seeks to alleviate the stress and provide a home for residents in need.
