Want to learn more about corporate housing? It may be the solution for your next company business trip— or become a host.
There are a few routes you can take when looking for flexible rentals or renting out your own home. One of those options is corporate housing. In this guide, we share all you need to know about this housing style.
At its core, corporate housing is flexible lodging that is:
According to a Corporate Housing Providers Association report, the average stay in 2017 in the United States was 78 nights. Stays usually range between two to four months, and often, corporate housing is considered a cost-efficient alternative to hotels. But it’s a specific model and mostly appeals to people who are in need of housing for business relocations or extended work trips.
Who Uses Corporate Housing?
The largest demographic of corporate housing users are those relocating, making up 33% and 31% of the client base in the U.S. and Canada, respectively. This category generally describes individuals testing out new neighborhoods during the sale of their current house or their search for a new one. Corporate housing allows these prospective tenants to “test out” a neighborhood prior to committing it.
Additionally, while relocating executives make up the bulk of corporate housing occupants, corporate housing appeals to professionals in various industries, including:
Government/military
Insurance/emergency
Project/training
Consulting
Technology
Financial
And more!
However, the clientele isn’t only limited to professionals. Corporate housing has also become a popular choice for interns, students, travelers, or even individuals seeking a temporary housing arrangement while their home is being renovated.
Why Choose Corporate Housing?
For extended stays (usually a minimum of 30 days), corporate housing can be a good choice, as it allows you to experience those same conveniences you do in your own home—laundry, homemade meals, amenities, etc.
In addition to a washer, dryer, and a fully equipped kitchen, corporate housing can also offer:
Gym access
Pool access
Internet
Television
Grocery delivery
Housekeeping services
Most corporate apartments have all their fees included in the price, including:
Utilities
Telephone service
Internet
Washer/dryer
What’s the Difference Between Corporate Housing and General Furnished Housing Options?
Some furnished housing solutions cater to shorter stays (with weekly or even daily rates), as opposed to mostly longer-term use of corporate housing. But the differences don’t end there.
Let’s use Airbnb as a standard furnished housing example.
Standards: The vagueness of “furnished” housing is indicative of the difference in experience when compared to corporate housing. Furnished can signify a partially or fully-furnished living space. There is no uniform standard, which also applies to the house rules. As a resident of various landlords’ homes, you are subject to their rules without specific guidelines for all properties to follow.
Liability: The regulation regarding companies like Airbnb is still murky. If there’s a problem, there’s no precedence to offer a sense of security to either party, as opposed to corporate housing, which has an established and recognized business model.
Legal Restrictions: Viewed as a short-term form of accommodation, Airbnb is subject to rental laws. For any stays less than thirty days, guests must pay a hospitality tax, as if it were a hotel lodging. After thirty days, they are subject to rental laws. Corporate housing is under the jurisdiction of real estate law, which provides tenants and owners more protection.
Environment: Unlike corporate housing, Airbnb offers the option to stay in the homes of landlords that still reside on the premises, sometimes sharing the space. This differs from corporate housing where the resident will always have total privacy.
The choice between corporate and furnished housing options largely depends on the type of experience you’re interested in. Think about the type of traveler you are—this will also play a significant role in your decision-making.
How Do You Find Corporate Housing?
Now that we defined “what is a corporate house?”, we’ll help you determine how to find a place best for you. As with any component of traveling, you can easily do a quick search online search, but the results can be overwhelming.
Instead, use a corporate housing company to assist you in your search. They provide guidance and consultation, pairing you with the perfect property. Typically, with an online presence, you can check out their reviews and credentials to gauge the quality of their services.
Can I Rent Out My Home for Corporate Housing?
While researching corporate housing, you may have come across renting out your own home. Full-service companies like ours, offer corporate housing services. You’ll save time and energy going this route. Some advantages include:
You’ll receive your payments on time, every time. You won’t ever have to worry about someone skipping out on rent or causing any complications.
They’ll screenings potential tenants. It’s one more step that guarantees the safety of your home.
You’ll save time. Do you have time to monitor the comings and goings of your guests? Hire and schedule a cleaner? Advertise your property? All of those timely transactions can be handled by a full-service company.
There’s no need to act as the landlord. With a local field team to keep an eye on and maintain your property, you won’t have to be responsible for dealing with headaches as they arise.
Minimize the stress and anxiety of planning your extended trip by giving corporate housing a chance. Not only will you save money, but you’ll save time. Visit our website to learn more about renting out your home with us and our corporate housing services.
