Corporate housing is temporary housing in a fully furnished apartment setting. There are professional providers that coordinate getting these housing units rented by business travelers who need a place for an extended period of time, those relocating from another are but are hesitant to buy a new housing unit in a still unknown location, those temporarily displaced from a permanent home sometimes due to flooding or a natural calamity, or those who have to stay near a medical facility for a loved one.
Professional corporate housing providers find units that include furniture, amenities, cable, electricity, water, telephone lines and even house wares for an all inclusive cost to a company typically for an average of four weeks or more than a month. When people talk of corporate housing, it means physical space and services offered to cater to a specific client, taking care of their unique needs. Sometimes it is called temporary living arrangements, or furnished apartments but they all mean living units, the way you want it, with all the amenities to make your stay comfortable and conducive to work.
For the past 20 years, the corporate housing industry has seen a significant growth in the lodging industry segment. The total revenues for the industry are now $2.47 billion annually, up 7.4% with approximately 65,396 units in the US. With the corporate housing average rate 1.3% higher than the 2009 rate, corporate housing provider companies are optimistic with a projected 3% increase in units in 2011. The US corporate housing industry showed an overall occupancy rate increase from 88.1% in 2009 to 89.2% in 2010. The average number of days an individual stays in a US corporate housing unit was 83 nights in 2010.
The corporate housing industry serves people from government on extended assignments, people working for consulting companies and those in the healthcare industry. There are also corporate employees and workers in the insurance, engineering, information technology, financial and relocation industries that are often in need of temporary housing.
Typically, a corporate housing unit is a fully furnished studio or fully equipped one, two or three bedroom housing unit or apartment. There are also well-maintained properties that owners offer as corporate housing for individuals who prefer residential living. Corporate housing units are usually located in convenient locations within metropolitan areas or in near surroundings. Companies need to watch their overhead costs, so they look for reasonable corporate housing rates without sacrificing quality for the long-term housing needs of their employees.
The United States General Services Administration or GSA has a portal for temporary housing services originally targeting government personnel in need of corporate housing during temporary extended assignments, permanent relocation and extended training. Long Term Lodging is under the Transportation, Delivery and Relocation Solutions or TDRS Schedule 48 for lodging needs of more than 30 days. Typical accommodations include condominium type properties and apartments that are furnished with the amenities of a regular home.
So people in need of temporary housing have many resources available when staying in a regular hotel for 30 days or more is not cost effective or practical in their employer’s point of view.