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Corporate housing is accommodation provided and paid for by an employer. The reasons the employer may offer this can vary, but are generally to cover relocation or when asking an employee to work away from home for a given length of time, usually over a month.
When companies are tightening belts and budgets all the time, it probably seems a little over the top to offer corporate housing to traveling staff. In reality, corporate housing is cheaper than hotel rooms for longer stays. The average corporate apartment can be up to half the cost of a hotel room in a middle of the road hotel, so it does actually make sense to consider one.
What Types of Property Make Up Corporate Housing?
Corporate housing isn’t made up of any particular type of property, it depends on where it is and the prevailing property types in the area. Corporate rentals in a downtown area will be predominantly apartments or lofts with a few townhouses thrown in. A corporate let by the ocean could be a condo or single family home.
The majority of corporate housing options will be in cities, making apartments and townhouses the most common property types for company rentals.
How Much Does Corporate Housing Cost?
Rental for the average corporate apartment will be more than a private rental but much less than a hotel room. It will cost more than a private rental because more often than not, the rent will include bills, utilities, cable and everything else the property has. The vast majority of corporate housing is furnished too, which adds slightly to the cost.
Compared to a hotel room, corporate housing offers much more for much less. On average, if you stay for one month or more, you will see savings of around 50 percent over the cost of a hotel room. With a hotel you get just that, a room. With a corporate rental you will get a full-sized apartment and everything that comes with it.
What Benefits Does Corporate Housing Offer?
There is definitely something to be said for staying in a hotel and being waited on while you’re away from home. We love it when we’re away on vacation. Room service, laundry, turn-down and having meals prepared for us is a lovely experience. However, it does get old fast.
Corporate housing offer a higher standard of living for the cost and much more freedom. Sure, if your company can afford to put you up in a 5-star hotel suite then an apartment isn’t going to compare, but few, if any, employers will do that for anyone less than a board member.
For the rest of us mere mortals, the average hotel room is an ordinary room with four walls, forgettable décor and just enough amenities to get by. Corporate housing offers all the comforts of home while you’re away. If you’re staying long enough, you could always bring the family too, something that isn’t always possible otherwise!
Corporate housing has many advantage over hotels so the next time you’re away, consider it an option to explore. Contact Blu and we will find you the perfect home away from home!