If you found this article, you have probably heard of ‘corporate housing’, but confused by the information on the web?
It’s not as complicated as it sounds. Corporate Housing is essentially a type of furnished apartment rental typically for stays of 30+ days that often includes items found in extended stay hotels such as basic kitchen and housewares.
In the rest we explore other details including how to find it, benefits, and other common questions.
What is Corporate Housing?
Corporate Housing is typically defined as a professionally-managed fully furnished, temporary housing in an apartment setting for 30 days or more.
While the term ‘corporate’ originated from the need of corporations to find reliable short-term housing for their employees, one does not need to be a company or corporation to benefit from corporate housing.
What are the benefits of Corporate Housing?
Prices are similar to hotels, but you (renter) usually get a fully-furnished apartment with a kitchen, washer/dryer and significantly more space than a hotel room (usually at least 2x the space). Moreover, corporate housing usually comes fully stocked with items including linens, TVs, kitchenware, and more.
The flexibility of hotel living, but the space and perks of your own apartment.
What other names does Corporate Housing Go By?
Corporate housing is also commonly referred to as furnished apartments, temporary housing, executive suites, corporate suites, and even executive rentals.
Keep in mind definitions vary, so it’s important to clarify what exactly you are looking for with your particular living situation to avoid potential misunderstandings.
Is Corporate Housing the same as a Short-Term Lease?
Corporate housing and a short-term lease, while similar, are different. Corporate housing is typically a more luxurious (and expensive) version of a short-term lease.
Unlike short-term apartment leases, corporate housing typically offers:
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- Fully furnished apartments, stocked essentials such as linens and towels, and sometimes weekly housekeeping.
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- Prices are typically inclusive of utilities and fees, such as electric, gas (if applicable), water, parking and even wi-fi.
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- Usually more expensive than a typical short-term lease.
Is Corporate Housing the same as Airbnb, VRBO, or peer to peer housing?
No, there are differences between corporate housing and peer to peer housing such as Airbnb, VRBO, including:
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- Professional management – corporate housing is typically managed by a Corporate Housing Company (CHPA) or a property management company.
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- Longer length of stay – corporate housing is typically longer length of stay, two to three months. (as opposed to a few days)
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- Apartment Setting – corporate housing is usually in professional apartment or condo setting as opposed to standalone house or individually managed
How does corporate housing compare to a hotel?
When compared to a hotel, corporate housing typically provides:
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- More space, including full living room (think full apartment level of space)
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- Full kitchen with appliances, including ovens and washer/dryer
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- Kitchenware
Additionally, one can usually leave clothing and personal items if traveling back and forth.
Where is Corporate Housing?
Corporate Housing is offered in markets across the U.S., in apartments, condos, or houses. Typically, the units are in higher-end luxury buildings which are up-scale apartment and condo buildings. Before signing an agreement, you’ll want to ask the right corporate housing questions and know exactly where this particular corporate housing unit is located.
What is the minimum stay for corporate housing?
Typically, 30+ days. If you want to stay longer than 30+ days, this is usually not a problem if there is availability.
Who uses corporate housing?
Anyone who needs this type of luxury housing for 30+ days. The most common uses for corporate housing include corporate relocation, project staffing, interim housing, desire to try out a new area, loss of house due to fire or flood, long-term medical care, and more.
How much does Corporate Housing Cost?
Expect to pay similar but usually lower prices than a high-end hotel on a nightly basis in that market. For example, it’s not unusual to have corporate housing from rates of $100 to $300/night.
For one month in corporate housing, this could mean a cost of approximately $3,000 to $9,000 for the month.
This is likely cheaper than a hotel.
The advantage however is that one typically gets more space than a hotel, a full kitchen (to cook your own meals and save money), washer/dryer, living room, and sometimes even amenities.
Who pays for corporate housing?
This depends. If your company/employer is utilizing corporate housing or sending you on a work trip, there is a good chance they will pay for it. However, if you are seeking corporate housing on your own, then you would likely be the one to pay for it. Ask your employer.
Who owns corporate housing?
Typically, a corporate housing company (third party company) will lease out space in an apartment building and manage the corporate housing on behalf of the owner/management company, but some apartment building will mange itself.
How to find corporate housing?
When looking to find corporate housing, there are variety of ways you can search for it, including:
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- Apartments.com. Type in desired location and search. Select “Lifestyle” from the top menu and then click on Corporate Housing. Or if you are in Philadelphia, check out Apartments.com corporate housing search
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- CorporateHousing.com – Search for desired location (note this site is also owned and operated by Costar – the same company of Apartments.com). If you are in Philadelphia, check out CorporateHousing.com housing search.
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- Or type in favorite search engine “Corporate Apartments in _____” (where you insert the neighborhood you are interested in).
Pro Tip:
You can also find great options with a local corporate housing provider who has inventory across a variety of options. Every major city typically has at least one or two large, corporate housing providers. These companies will usually rent out space in an apartment building and mange the relationship between you and the building. In some cases, they may even sublease to you.
Hopefully now you have a better understanding of what corporate housing is. If you are looking for a short-term furnished housing in an apartment, and are willing to pay the premium associated with it, corporate housing could be the right solution for you.
Good luck on your corporate housing search!
