Long-term corporate housing is a private residence used by someone who needs temporary housing while on a job assignment. Leasing agencies may use different time periods to differentiate between short and long term housing, but generally long-term corporate housing involves a stay of months to years. It is not, however, a permanent home for someone who needs to relocate for work. Employees or contractors usually have a number of housing options when they are sent to a different area to complete tasks for work.
Some corporations maintain their own housing, in the forms of homes, apartments, or condominiums in cities where they regularly do business. If they assign personnel for long-term activities, they can choose to provide them with housing, assuming units are available. These homes often come furnished so workers do not need to buy furniture for their temporary stay. Depending on the location they may have amenities like a doorman, exercise room, and other services for their personnel.
Private companies also rent out long-term corporate housing. These companies make apartments and homes, also usually furnished, available for a fee. The corporation may be able to contract for the entirety of the stay, or it could be a month by month arrangement. Corporations may subsidize some or all of the cost for their staff members, since their personnel are relocating specifically for work. Such companies may offer short and long-term rentals to meet the needs of their customers and may extend a short-term contract if it becomes necessary.
In some cases, it may be necessary to make outside arrangements for long-term corporate housing because a community doesn't have units available for one reason or another. To meet the need, a corporation may enter into a lease with a leasing company or individual landlord to provide housing for personnel. The corporation backs the lease and puts down the deposit. Landlords may prefer this to private rental, as the employee could leave early or might not have local references. A real estate specialist can help a company locate suitable long-term corporate housing.
Short-term corporate housing is also available for assignments lasting days or weeks. This provides employees with an environment that may be more comfortable than working in a hotel for the duration of an assignment. As with long-term housing, it can come with a number of amenities. Typically utilities are included and services like phone and Internet are easy to establish if they are not bundled into the price.