Corporate housing is a term in the travel industry meaning renting out a furnished apartment, condo or house on a temporary basis to individuals, military personnel or corporations as an alternative to a traditional hotel or an extended hotel stay. According to Corporate Housing Providers Association (CHPA), the industry’s trade organization, corporate housing revenue was 2.36 billion in 2009 and 2.47 in 2010. The corporate housing industry has been a significant growth segment of the lodging industry for the past 20 years.
Extended stay corporate housing and extended stay hotels are two different types of accommodations that often are thought to be interchangeable. While both offer short-term, furnished accommodations, it is important to understand that the similarities between the two lodging types end there.
Extended stay corporate housing typically offers larger square footage, costs less than hotels, offers full customer service, and is used for stays averaging one month or more. The average corporate housing stay is 83 days, according to the 2011 Highlands Group Corporate Housing report; more than 100 days for Managed Corporate Housing Companies and 13% of CHBO property owners report their properties were rented for a year or longer, according to the 2012 “by Owner” Annual Report.
Corporate housing provides complete temporary housing solutions within a stable residential setting unlike extended stay hotels, which are surrounded by an open parking lot and are filled entirely by transient guests. Understanding these unique and sometimes subtle differences between corporate housing and extended stay hotels can save a company thousands of dollars and provide guests with a more pleasant and positive stay.
Most corporate housing companies have a flexible number of apartment units they manage in the city they reside. These extended stay corporate housing units are furnished and the corporate housing companies rotate clients in and out of the furnished apartments and clean them between guests. Local corporate housing providers can be found by doing an internet search for the city in which you need temporary housing and the words “corporate housing” or “executive rental”. National corporate housing companies provides corporate housing services in more than their local city. National corporate housing providers are very helpful in managing military or corporate contracts or housing inventories which involve housing occupants in more than one city.
In cities such as New York the corporate housing industry has expanded exponentially. This tremendous growth has allowed a few entrepreneurs to become strong key players within the local market. The limited real estate available on the island, in addition to an increased demand for furnished apartments, has not only allowed the local corporate housing industry to expand, but also to become more efficient. The quality of the product available, offered by reputable companies in New York City, rivals the quality of the product available at some high-end hotels. Read more blogs like this.