The rental industry has seen exponential growth in the corporate housing niche in the past few years. Corporate Housing Providers Association (CHPA) reported that in 2016 alone, the revenue of this niche was already at $3.2 billion. With the demand driving up in recent years, the growth is unmistakable.
The association further provided that although corporate housing appeals to a variety of users, the tech and IT industries are the most frequent users of such services. Aside from them, members of the military, groups of interns, and even patients who require long-term medical assistance away from their homes are frequent borders of corporate apartments.
One might wonder why such a wide variety of people prefer corporate housing when hotels and AirBnBs exist. Well, there are a lot of reasons and its unique services and features top the list. But before that, let’s get to know what corporate housing actually is.
What Is Corporate Housing
Corporate housing is actually an umbrella term for extended-stay rental facilities. But, it does not include hotels and other established services. In essence, corporate housing is a complete temporary housing solution.
Because of this, more people are looking into corporate housing for long-term business travels or training period.The growing demand for this type of rental space has made it more accessible in large metropolitan areas. You can easily find corporate housing in Los Angeles, New York, and Chicago. As such, it’s also slowly trickling down to areas with growing economies; especially where new companies are established.
Below is a list of the unique services and features that corporate housing offers.
Services Offered in Corporate Housing
- Bigger Area for Lesser Price
The main difference between corporate housing and hotel room accommodation is the larger floor area. Regular corporate apartments for rent have larger living spaces compared to standard hotel rooms. Not only that, corporate apartments for rent are priced lower than regular mid-level hotel fees.
The CHPA further provided data that the majority of corporate housing living areas are larger than hotel suite rooms, which are already considered as spacious. But in this case, suite rooms are more costly than corporate housing.
As a matter of fact, corporate housing comes in different types: lofts, single-family homes, condo units, and even townhouses.
A bigger living space for a lower price point is a unique feature only corporate housing companies can offer because of their clientele. They market towards established companies that don’t fall short in acquiring the services regularly.
- Furnished Living Quarters
Another distinct feature and distinct service offered by corporate housing are that these rental spaces come fully furnished.
We don’t just mean fully-furnished bedrooms, like how some hotel rooms are. All the rooms in a corporate apartment are fully-furnished. Yes, including the kitchen and bathrooms. They are all ready to use once you settle. You don’t have to worry about bringing extra towels or linens, which happens quite often when you stay long-term in hotels.
This service is another advantage of corporate housing over regular hotels. As soon as you arrive at the accommodation, you don’t have to worry about checking the available utilities to list down the things you need to buy. Everything’s already provided for, you can settle in immediately.
- 24/7 Customer Service
Unlike hotel concierge that follows shifts in their availability, customer service in corporate housing is available all day round.
Corporate housing, albeit a fully-furnished residential option, may still have some troubles throughout the stay. Damaged fixtures that need immediate attention can be solved by a 24-hour available customer representative.
This all-day availability is much more appreciated among those who don’t know their way around the area too much. A simple call to the customer service reps will help them navigate better between their locations.
- Residential Settings
Another great thing about corporate housing is that it blends in with the local scene. Most for-rent corporate spaces are situated in residential areas.
This maintains a work-life balance even if the employees are away from home. The distinction between work and comfortable living makes the temporary work assignment less stressful.
Aside from its effects on one’s mental health, being located in a fully residential area makes it accessible to other facilities aside from your office. It’s easier to go to grocery stores, pharmacies, and even local produce markets to stock up on your goods in your rented corporate house.
Aside from that, the view from your place is a far cry from the usual views at hotels where your company frequented before. Instead of buildings upon buildings, you’ll get to see more greens and more people who lead their day-to-day lives.
- Flat Rates & No Hidden Charges
The rates of corporate housing do not come with hidden charges. All available utilities and features are all laid out from the get-go and are priced accordingly. As such, you can, more or less, accurately compute the total expense even before staying in the for-lease space.
This feature makes it favorable for organizations that require accurate budget proposals before granting approval from higher management is obtained.
Also, this eliminates the unwanted surprise when it comes to checking out. You’re also less mindful in using the things in the quarters since you know that you don’t have to pay for them again when it’s time to leave.
- Pet-Friendly Space
Lastly, most corporate apartments are pet-friendly spaces, which is rarely the case for most mid-level hotel accommodations.
Most corporate housing units are large enough to have ample space to house both human and animal companions. This also works best for people who have service animals that aid them with their physical disabilities or mental health issues.
Some corporate housing apartments even come with lawns or even smaller open spaces that let your pets enjoy some time under the sun.
Corporate housing is slowly becoming the primary option for long-term housing in metropolitan cities. It has proven its benefits, overpowering those offered by hotels and other extended-stay options.
And it’s not just companies that are availing of its offers, even families who are new to town, patients who need extensive medical care in another state, and off-duty military men are turning to corporate housing.