A Great Way to Live Away From Home with Corporate Housing

Article Written By: Marriott ExecuStay

What is corporate housing? It simply means renting out a house or a furnished apartment on a non-permanent basis to business travelers, corporations and individuals. These housing units are fully furnished and equipped studio, one, two, and three bedroom apartments. Unlike hotel rooms and suite hotels, the square footage is double. Amazingly, the rental cost is up to half the cost of hotel accommodations. The properties are well maintained providing comfortable residential living. Corporate housing has many convenient locations in and around key urban areas. Commercial housing providerandrsquo;s team up with companies to accommodate business travelers, relocating families, as well as temporary real estate needs. It offers a variety of services to its clients and it is not just a physical space.

For the past twenty years, there has been a significant growth in the corporate housing industry. The reported industry revenue in 2006 was $2.5 billion. For an average one-bedroom monthly fee is $3,270 or $109 a night. Approximately, there are 932 corporate housing operations in the United States. Commercial housing providers cover over 70,056 corporate housing units on a single day, 77 days is the average stay in these housing units. This part of the lodging industry is serving all industries. Industries served comprise the government, healthcare, engineering, relocation, financial, information technology, insurance and a lot more.

In key cities like New York, Los Angeles, and Chicago, the corporate housing industry has grown tremendously. Due to this rapid growth, a number of entrepreneurs become important players within the local market. The local corporate housing industry expanded exponentially not only because of the limited real estate available on these cities but also the increase demand of furnished apartments. This has not only paved the way for the local industry to expand, but also to become more efficient. The standards and the quality of the service and product available at reputable companies in major cities competes with the quality of the product and services offered at most hotels. In key cities like New York and Chicago, 30 consecutive nights is the minimum requirement for those who would like to rent a furnished apartment.

The majority of corporate housing companies manage a set of apartment units in the city they live in. These rental units are fully furnished and the corporate housing companies cater to clients as they move in and out of the furnished apartments and tidy them up between occupants. Local corporate housing suppliers can be located by doing an online search for the city you would need temporary housing. National corporate housing companiesandrsquo; offers corporate housing services in more than the city they reside in. National corporate housing companies are very useful in organizing military or corporate contracts and housing inventories that involves accommodating occupants in more than a single city.

For the corporate housing industry, the Corporate Housing Providers Association has created the first industry accreditation. The title of CCHP (Certified Corporate Housing Professional) creates clear, objective standards for gauging the knowledge of employees in the corporate housing profession. The title manifests a professionalandrsquo;s commitment to the highest standards in the corporate housing industry.

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About the Author

Bryce Finnerty is author of this article on Corporate housing. Find more information about Military housing here.

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