Here’s everything you need to know about what corporate housing is, who uses this temporary housing service, what the benefits and downsides are, and how you can use corporate housing to meet your extended-stay lodging needs.
by · Dec 23, 2019
Corporate housing is one of the least understood facets of the hospitality industry. Is it an apartment? Is it a hotel? The truth is, corporate housing is a lot like both of these in some ways, but very different in others.
As a corporate housing provider of over three decades, Viciniti has educated thousands of potential customers on the difference between corporate housing and the rest of the hospitality industry.
Today we’re going to do our best to teach you just what corporate housing is, who uses this temporary housing service, what the benefits and downsides are, and how you can use corporate housing to meet your extended-stay lodging needs.
Corporate housing is a global hospitality service providing extended-stay furnished apartments for companies and individuals in need of turn-key accommodations for 30+ nights.
Essentially, corporate housing is a furnished apartment with all expenses (rent, utilities, Wi-Fi, etc.) included in one nightly rate. Think of a hotel, but instead of a room you stay in a fully furnished apartment.
Introduced in the 1960s, businesses were attracted to corporate housing, also known as serviced apartments and executive apartments, to house employees who were relocating or staying in a place temporarily.
Corporate housing companies, provide apartments generally for more than 30 nights to these business travelers and others as well. The industry has grown to help thousands of travelers find a temporary home in a corporate apartment every year.
Although serviced apartments were originally created to meet the needs of businesses and their traveling employees, the corporate housing industry has grown to provide temporary furnished homes for a diverse array of travelers.
Corporate housing can be a great option for many people, however, there are certain types of customers who typically have the best experience when staying in a serviced apartment. These people include:
The original corporate housing customers, business employees, are often still thought of as the typical corporate housing client.
Companies often pay for the relocation costs of their employees, so business travelers can enjoy their executive apartments without paying a cent out of pocket. The company can even deduct these expenses from their taxes under certain conditions.
Congrats! You landed your dream internship and now you’re looking for a place to stay during your internship in a new city. The good news is employers will sometimes give you a stipend for your housing costs during your internship, so you can find the perfect spot for you.
Corporate housing companies are often a great choice for interns, as they provide all the comforts of home with perks like resort-style pools and wireless internet built into the flat monthly fee.
One of the first things you think about when you’re displaced from your home is, “Where is my family going to live?” There are a lot of things to worry over when a disaster has pushed you from your home, but shelter doesn’t have to be one of them.
Corporate housing companies always do their best to work with your house insurance provider to get you appropriate housing for your family with as little financial impact to you as possible.
While families have to be relocated when a disaster strikes, relief workers are relocated into the impacted areas to provide aid and help with clean-up after the disasters have gone.
In these hard times, corporate housing companies provide shelter for disaster relief providers working in affected areas. They’ll often work with you to find a temporary home that meets your needs within your per diem, so you can focus on the job at hand, not on where you’ll stay.
Traveling nurses and medical researchers often stay in one city temporarily while on assignment. For those moving to a new area to assist with healthcare needs, corporate housing companies are often chosen to provide accommodations for a single nurse or a group of healthcare professionals.
Many sports teams allow their players to go home during the offseason but require them to stay near the facilities prior to and throughout the season. For these 3 to 6 months, team owners will often find housing for their players in a serviced apartment.
Film crews are also common corporate housing customers when shooting on location for months at a time. Finding group lodging for such a large team can be difficult, but corporate housing companies can help. They’ll provide you with a list of available properties for you to choose from so you don’t have to track down where your crew will stay while on location.
To accommodate larger groups, corporate housing providers may need extra time to ensure your team receives the best lodging. Be sure to reach out to corporate housing companies early so they can keep your crew close to the facilities.
Whether PCSing or being sent on temporary duty, military personnel are in perfect position to take advantage of the benefits of a serviced apartment. Most major cities, where corporate apartments are located, have a military presence.
If you happened to be stationed in or near a large city, corporate housing could be an excellent option for you. Many corporate housing companies offer military discounts to help reduce your housing costs and will work to provide a home for you near your base.
When traveling for an extended time, you have many options for your nightly accommodations. Hotels, RVs and cabins make up some of the most common shelters for extended travelers.
If you’re looking for a place to stay during your extended vacation with a little more space, a serviced apartment can make you feel more at home and offer many other perks, as well.
The perks you’ll find in your corporate housing unit can vary depending on your apartment and corporate housing provider, although there are many benefits that are shared by most corporate housing companies. Some of the most common benefits you can expect include:
Similar to a hotel, corporate housing companies charge customers a nightly fee to stay in their serviced apartments. Also like a hotel, this one fee covers your room and furnishings, as well as the extended cable and Wifi you’ll enjoy.
There are no added fees for utilities or the use of amenities, so you can take advantage of your apartment community’s perks without worrying about hidden fees.
Speaking of perks, the apartments provided by corporate housing companies offer some awe-inspiring amenities for guests to enjoy. Amenities like resort-style pools, resident lounges and state-of-the-art fitness centers are some of the features often found in the luxury apartment communities that corporate apartments are found in.
Inside the apartment, you’ll commonly find wood-style floors, high ceilings, private balconies, and in-unit washers and dryers to welcome you to your temporary home.
With the price of a corporate apartment averaging about $160 per night, the cost of staying with a corporate housing company is generally less than the cost of a traditional hotel, whose prices average just a bit higher at around $180 a night.
Most corporate housing companies offer pet-friendly apartments for residents traveling with their furry family members to take advantage of. Some corporate apartment providers even partner exclusively with pet-friendly communities so you don’t have to worry about leaving your pet behind during your travels or transition.
Corporate housing providers offer a variety of perks that help make them a great choice for many travelers. These benefits make them more accessible and provide greater value to some clients than a traditional or extended stay hotel.
While there are many benefits to staying in an executive apartment, there are also several drawbacks to keep in mind when deciding on whether to stay in a corporate apartment during your travels or to choose another hospitality alternative.
While corporate apartments are, on average, less expensive than a traditional hotel, their price tags do tend to be higher than some extended stay hotels.
Most extended stay hotels charge a weekly rate of between $99 to $425 per week, depending on the hotel location and amenities.
In other words, travelers can stay in an extended-stay hotel for between $14 and $61 per night. Included in this price, extended-stay hotel guests can enjoy some benefits you won’t find in a serviced apartment, like free or discounted breakfast.
There are some things, like free laundry facilities, you may miss when staying in an extended-stay hotel rather than a corporate apartment. Check out our Corporate Housing vs. Extended Stay Hotels blog to see all the pluses and minuses of these two temporary housing solutions and figure out which extended-stay option is right for you.
One of the biggest drawbacks of corporate housing is the 30-night minimum. While not a universal policy, most corporate housing providers require guests to stay a minimum of 30 nights and will direct you to another temporary housing option if your stay is shorter.
While not an issue for travelers planning a stay of a month or longer, this requirement makes it infeasible for any guests looking to stay less than 30 nights. These travelers should look towards weekly or nightly hotels for their travel accommodations, depending on their lodging needs.
One of the key differences between staying in a corporate apartment and a hotel is housekeeping is not included in your nightly rate when staying with a corporate housing company.
When staying in a hotel, you’ll usually have the choice of housekeeping cleaning your room during your stay. At traditional hotels this is usually a free daily perk, while most extended stay hotels offer free housekeeping once a week.
Corporate housing companies do offer weekly, biweekly, or monthly housekeeping services for an added fee, so if you would like a housekeeper to clean your apartment you have that option.
Corporate housing companies offer a variety of reservation options to extended travelers. One common booking methods include website reservations the same way you would book a hotel.
When booking with this method, you’ll visit a corporate housing provider’s website and select your travel dates, location, and other pertinent information. The site will give you a list of available properties for you to choose from. You can then book your favorite option right there on the website.
Another method corporate housing companies often use is the reservation request method.
With this option, you’ll visit the corporate housing company’s website and peruse their properties first, selecting the apartments you’re most interested in from their offerings in your destination city. When you’ve found the property or properties you’re interested in, you can fill out a reservation request form and the company will send you their available units in that property, as well as nearby or similar communities if there are no vacancies at your preferred location.
In this form, you’ll also have the opportunity to request any specific features you’d like in your serviced apartment. Corporate housing companies will do everything they can to fulfill your requests.
Ok, maybe not an expert… but you at least have the corporate housing basics down, and that deserves a round of applause!
After reading through this blog, you now know:
At Viciniti, we use the reservation request method when helping customers find the perfect serviced apartment. Using this method, we’ve exceeded the corporate housing needs of extended stay travelers for 30 years. You can try the form method yourself for any of our 15 cities throughout the Midwest to learn how it works and reserve your serviced apartment.
The price you pay for your corporate apartment can vary depending on a number of factors, but there are 5 key elements that make the biggest impact on your nightly rate. Read our How Much Does a Corporate Apartment Cost? Blog to learn all the factors that will impact your price and some tips and tricks to keep your corporate apartment costs down.
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