Corporate housing is a type of short-term rental designed with business travelers in mind. It fills that gap between the vacationer who might want a rental for a week or two and a long-term renter willing to sign a one-year (or longer) lease. Typically, the business traveler might have to spend several months in a location and corporate housing provides a turnkey “home away from home” living space that is ideal for a months-long stay.
A corporate apartment provides all the comforts of a standard apartment, like a full kitchen and separate living spaces. A corporate apartment is typically larger than a standard hotel room, which averages 325 square feet. In addition to standard apartments, corporate housing could be a single-family house, a townhome, or a condo.
A variety of apartment communities, especially those in large cities, may provide corporate units in addition to standard apartments. This gives the corporate apartment renter access to all the amenities the long-term residents enjoy, including things like on-site fitness centers, clubhouses, business centers, swimming pools, and outdoor grilling areas.
Corporate Apartments Vs. Other Types of Short-term Housing
Hotels and other vacation rentals are typically rented by the night or the week. A corporate apartment is usually rented for a month or two. But unlike a standard apartment, corporate housing usually has a few of the perks typically found in hotels and vacation rentals, such as an all-inclusive rental rate that includes utilities and internet.
Corporate apartments come fully furnished and often feature amenities like in-unit washers and dryers, televisions, and common household items like a coffee maker, towels, dishes, and even bed linens. Sometimes, cleaning services are provided. Basically, a corporate traveler can arrive with just a suitcase, and after stocking the fridge, can feel at home for however long they intend to stay.
Who should consider corporate housing?
While corporate housing is designed with business travelers in mind and is often paid for by the company or employer, the benefits of being able to rent for a couple of months is appealing to anyone who doesn’t plan on being in a location long-term. For example, a college intern might consider corporate housing if they are only going to be at their internship for a couple of months. Those moving to a new area might want a couple of months in a short-term rental to explore the area before committing to a year-long lease. Those who find themselves temporarily misplaced due to a natural disaster or a fire might also need temporary housing for a few months, until they are able to return to their apartment.
How long can you stay in corporate housing?
Corporate housing is designed for those who need the space for at least a month, and you might find most corporate housing providers have a minimum stay of 14 to 30 days. Most renters of corporate housing stay an average of two to three months.
While there’s often a minimum stay, you’ll find that in most cases, you can stay longer if necessary. This provides those in need of corporate housing some flexibility. For example, if a work assignment is prolonged or if your apartment isn’t quite ready after undergoing renovations, you can extend your stay for weeks or even months, as long as the apartment remains available and the corporate housing provider allows it. Some properties may even allow you to rent month to month.
How much does corporate housing cost?
Corporate housing costs range based on location, the type of rental, the size of the rental, and the amenities included. Corporate housing is priced by the week or month, but the average cost is roughly $150 per day. However, those staying longer tend to get a better deal since the rate is monthly and not daily. Some corporate housing providers may offer discounts depending on the length of your stay or the time of year.
Because corporate housing rates are usually all-inclusive and the full kitchen allows renters to prepare meals at home, it could end up being less expensive than a lengthy hotel stay. Often, the costs are covered by the employer. In the case of displacement due to natural disaster or fire, your renters insurance might cover the costs if you have loss of use coverage.
For those who plan to be in a different city for a few months, or if you are moving to a new location and need some time before you can move to a longer-term rental, corporate housing might be a great solution. To find an apartment community with corporate units on Apartments.com, type in your desired location and search. Select “Lifestyle” from the top menu on your mobile device or under “More” on your desktop, and then click on “Corporate Housing.”
