What Are the Different Types of Corporate Housing?
Many businesses seek corporate housing for their employees, and individuals might need it for temporary relocation or medical reasons. Many of the terms, such as "temporary housing" and "corporate rentals," are interchangeable, yet there are a few differences between certain types of corporate housing. The options can vary in size, for instance, from a studio or one room in a hotel to an apartment with two or more bedrooms. They also can be short-term or long-term rentals, and many are furnished and have additional amenities. The selection criteria will often depend on factors such as the occupant's needs and the company's budget.
While corporate housing might traditionally be associated with certain types of business travelers, such as insurance agents or IT consultants, corporate rentals can be utilized by anyone needing to relocate or travel for an extended period. For example, graduate students without campus housing and persons displaced due to natural disasters or other reasons are likely to stay in temporary apartments. Someone accompanying a family member who is undergoing prolonged medical treatment might also rent temporary housing. In the U.S., it is also common for federal employees, including government contractors and military personnel, to reside in corporate rentals.
Short-term rentals are a common type of corporate housing. They might include extended-stay hotels, sometimes called "residence inns." Some furnished apartments are also considered short-term rentals. In many cases, they are centrally located near restaurants, shopping and other conveniences.
Long-term rentals, on the other hand, tend to require leases of at least one month. The occupant might be on a long-term job assignment or an academic placement, for instance. Long-term corporate housing could also consist of furnished apartments, condominiums, or even houses. Corporate rental agencies can often customize packages that include a selection of furnishings for the occupants, depending on their length of stay and their personal needs.
The type of corporate housing normally determines what kinds of amenities are included in the rental. For example, housekeeping services are common; they might be offered daily in a hotel or weekly in other facilities. Providing linens and a stocked kitchen is a standard practice in many apartments as well, along with furniture such as a bed, desk, and other basics. Many corporate housing options also provide occupants with access to additional amenities such as swimming pools, exercise rooms and tennis courts.
There are several reasons why people choose corporate housing over other options. In general, rental apartments are cheaper than hotel rooms, despite being larger. Many people also prefer having constant access to kitchen and laundry facilities, along with the other perceived comforts of home. Furthermore, people with pets can usually find pet-friendly accommodations, allowing them to travel without making special arrangements.
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