Category: Business Travel

Oct
26

Corporate lodging and business travel industry costs to continue rising in 2023 [updated 2/16/23]

You don’t need a crystal ball to be able to predict that business travel costs are going to continue to rise further over the next 12-18 months.

With the current global financial climate and no end in sight for the current main influences, it’s difficult to envision a time when costs are likely to stabilize.

But just how much do we predict business travel industry costs will rise? Will price rises be across the board or concentrated in particular areas? Will both short-term lodging and travel costs increase? At the same rate?

Is it just global influences driving price rises or is there more to it than that?

All these questions and more are occupying travel managers and accounts departments across the country right now.

While we don’t have all the answers, we can help outline what we think the next 12-18 months look like for the business travel industry.

We will be using a combination of the 2023 Global Business Travel Forecast, published today by CWT and our own experience to shed some light on what the future may hold.

The headline numbers you need to know

The report makes for sober reading. Prices rises across the board with no end in sight.

Predicted price increases for key business travel areas:

2022 2023
Air fares 48.5% 8.45%
Transportation costs 7.3% 6.8%
Hotel rates 18.2% 8.2%

 

You’ll notice huge increases for 2022 as the world emerged from lockdown and began doing business in person again.

While prices are expected to continue rising into 2023, the rates are more in line with inflation. We do not currently expect any significant jumps in rates, although that is always subject to change!

Short-term lodging

A lot of the data in the 2023 Global Business Travel Forecast refers to hotel rooms as there is much less data around for corporate housing.

From our own experience, prices for corporate housing are rising but more slowly and more steadily than hotels.

This may partly be explained by the lower running costs associated with furnished housing. Fewer staff, lower bills and generally more modest outgoings as compared to hotels.

Mortgage rates are going up of course, but not all properties are mortgaged. Some that are secured against loans use venture capital rather than traditional mortgages, so are less impacted by headline rates.

Mortgage rates continue to climb as the Fed tries to cool down the real estate market and control inflation. As it increases the federal funds rate it has a huge influence on the mortgage market.

The Mortgage Interest Rates Forecast 2022 & 2023 report shows us just how much rates have risen and have predictions of where the market might move in 2023.

Zillow Vice President of Capital Markets Paul Thomas said, “Mortgage rates are likely to be volatile in the near term as markets are pricing in the competing influences of high inflation and Federal Reserve rate hikes against increasing risks of economic slowdowns and a potential recession. Considering the current situation, we’re more likely to see higher rates by the end of the year than lower ones.”

The positive news about mortgage rates is that they are widely expected to fall in 2023. Current predictions are that they will fall to around 5.4% by Q4 2023.

Hotel room rates

As we do have data on hotel room rate rises, let’s take a look at those.

Hotel room rates fell by 13.3% in 2020 when we were in the center of the coronavirus pandemic. Demand fell through the floor and business travel, and all travel, was at a standstill.

Since then, we have seen a rise of 18.2% in 2022 once the world began doing business in person again.

We expect a rise of a further 8.2% for 2023 as inflationary pressures exert their influence across the country.

This rise in prices is partly down to rising costs but also rising demand.

Demand has accelerated both for business travel and leisure travel.

The relaxing of travel rules was a watershed moment. Tension and urgency that had built up during the pandemic and the various lockdowns was suddenly unleashed.

Both domestic and international travel experienced huge demand, which increased prices.

Add rising fuel costs, the war in Ukraine and increased costs related to getting back up to speed have all put pressure on prices.

These should all settle in 2023 but we don’t know to what extent.

Predicting any part of business is a tough ask, but given these tumultuous times, it’s even tougher.

The global financial situation and the impact of rising costs across the world can have unpredictable effects.

That’s something we just don’t have enough data to predict with any degree of accuracy right now.

The impact on international travel

It isn’t just domestic hotels that have seen price rises. According to the American Express Global Business Travel ‘Hotel Prices 2023’ report, hotel prices are up across the world.

Destination Price increase
Buenos Aires 30%
Paris 10%
Dublin 8.5%
Sau Paolo 7.7%
Amsterdam 7.5%
Frankfurt 7.5%

Other countries are likely to be in line with Amsterdam and Frankfurt as the south American destinations are heavily influenced by local inflationary pressures.

Business air travel

The business air travel industry has also had a tumultuous time. Airlines were largely grounded during the pandemic and staff furloughed or laid off.

That explosion in demand then caused its own problems. Airlines and airports had to rush to get back up to speed, hire more staff, train them and begin earning money.

Jet fuel is also more expensive than ever before. Fuel makes up 30% of airline running costs and prices are higher than ever.

That, and the global situation has caused an increase of 48.5% in air fares in 2022.

That’s an astounding rise but when you consider prices fell by at least 26% over the pandemic, that’s a rise of close to 22.5%.

Still a big number to be sure, but less impactful than 48.5%!

The picture is as mixed here as it is elsewhere. While crude oil prices are down, much depends on how much airlines bought in advance at the higher prices.

It also depends how long it will take to get back up to speed in terms of staffing and flight numbers. Then there’s the impact rising costs has on business and the desire for business travel.

We fully expect inflationary pressures to dampen demand for leisure travel but just how that will impact business, we just don’t know.

At the moment, the outlook is too muddy to predict with any level of certainty.

Ground travel

It isn’t just air travel that is experiencing price challenges right now. Car hire, leasing and purchasing are all experiencing tough times.

The combination of lockdowns and the depressed demand for rentals and leases had an obvious impact on the companies involved.

Add the global semiconductor shortage and its impact on car manufacture and you have a series of economic drivers coming from different directions all achieving the same thing.

Causing prices to rise.

Global car rental prices fell 2.5% in 2020 before rising 5.1% in 2021. Further rises are expected in 2022, to around 7.3% and again in 2023 a further 6.8%.

Arguably, ground travel is probably the one area of business travel that will change most in 2023.

A combination of lack of inventory and change of direction in terms of environmental factors will all impact ground travel to a certain degree.

How we travel, the vehicles we travel in and the lack of availability aren’t going away anytime soon.

To our mind, that 6.8% price rise prediction for 2023 is on the conservative side.

Meetings and events

Meetings and events also saw a spike in demand once the gates were reopened after the pandemic.

This inevitably caused an increase in prices as venues, businesses and events companies tried to get back up to speed and regain traction.

The cost-per-attendee for meetings and events in 2022 is expected to be around 25% higher than in 2019.

It is forecast to rise a further 7% in 2023.

This is partly down to that pent-up demand but also a strong desire by businesses to reinforce or rebuild company culture.

As many of us know, remote working had immense benefits both for staff and employers, but it did have downsides.

One of which was the building of corporate culture and behaviors.

Many businesses recognized this very early on and were determined to address that as soon as they were able.

This is partly responsible for the rise in demand for meetings and events.

Those and the rebooking of the thousands of events cancelled during 2019/2020 has cause immense demand in the events industry.

Add increased staffing and running costs and you have the perfect storm for price rises.

The influence of remote working and video conferencing on business travel

While recent events have changed the way we live and work, most of those changes won’t be forever.

The world is already reopening, meetings and events are being held, corporate awaydays are happening and we’re all shaking hands again.

But not everything is going back to the way it was.

Remote working was a definite hit with many staff and with some companies.

Businesses liked it because it significantly lowered operating costs.

Employees liked it because it provided a taste of genuine work-life balance.

Not all companies are going back to the traditional office model, so will this impact business travel? If so, by how much?

According a recent piece by The Ladders, 25% of all professional jobs in North America will be remote by the end of 2023.

On the whole, employees have proven they can be trusted to remain productive even when not under direct management oversight.

The technology, policies and processes are all now in place to effectively manage remote working and companies remain productive even with hybrid organizations.

Plus, with fuel costs rising, companies are welcoming the ability to lower their own heating and electricity bills and pass them on to staff!

For some firms, this means spending less on business travel as they can do everything remotely.

Zoom and Google Meet are now legitimate ways to hold meetings, pitch ideas and keep business moving. They are established and widely accepted, making them an everyday tool.

Other firms had said they plan to go the other way. To allow people to work from home but have more emphasis on in-person meetings or away days to help maintain culture and provide wellness opportunities for staff.

Will this impact business travel? Yes, we think it certainly will.

How much? We just don’t know.

There is currently insufficient data in the public domain about which companies are embracing home working and by how much.

According to Review42, 55% of businesses globally offer some capacity for remote work even after the pandemic.

What proportion of the workforce that will involve is unknown. How companies will maintain culture and whether the change will be long term or not is also unknown at this time

However, according to that same Review42 data, companies saved up to $11,000 per employee per year by allowing remote working just 50% of the time.

Those numbers are striking and will likely influence some firms going forward.

Short-term lodging and business travel industry outlook

The outlook for short-term lodging, hotels and business travel looks amazingly positive.

It is dampened by the specter of rising costs but demand is high and is expected to remain so for the foreseeable future.

Events are happening once more, in-person meetings are happening in thousands of offices every day, staff still need training, secondments still need to happen and someone will always need to change duty station.

As long as price inflation is kept to a minimum and efficiencies and productivity is maintained, the outlook is great.

Businesses now expect higher prices and (grudgingly) accept them. This acceptance is a genuine change as we all get used to inflationary pressures and volatile markets.

As long as this isn’t taken as an excuse to unfairly raise prices or overinflate profits, any business related to business travel should be in a good position over the next 12-18 months.

Sep
16

5 reasons Blu’s corporate accommodation is perfect for your company travel needs

If you’re looking to change up your company travel or want to lower the cost of accommodation, you’re in the right place.

Blu Corporate Housing is going to show you how to lower the cost of travel while delivering more to staff while you’re at it.

The corporate travel market has experienced a huge resurgence. Demand is higher now than before the pandemic and shows no signs of slowing down.

Prices are rising too. If you book hotel rooms for staff, you’ll already have noticed how much more you’re paying now than before and typically get less for it too!

There is another way to manage company travel. Use corporate housing.

We’re going to share 5 compelling reasons why corporate housing is the answer to your company travel challenges.

We’ll also explain why it’s so much better than a hotel or using Airbnb.

1.        Save money

The first reason to use corporate housing instead of a hotel is the cost savings. Even before hotels began putting prices up, you were already paying way too much for accommodation.

On average, you’ll pay less than half for corporate housing than you will for a comparable hotel room for stays of 30 days or more.

Clients we work with will save anywhere between 40-80% when they use a furnished rental through Blu than if they rented a hotel room of a similar standard.

When money is tight across the board and inflation is eating into profits, savings like this are too good to ignore!

If you manage to get more for less money, even better!

The exact level of savings will differ depending on the location, the length of stay, the number of people being accommodated and other factors, but on average, you’re going to save big.

House several staff within the same property and you can multiply those savings significantly!

2.        Higher levels of satisfaction

Most professionals will cope with whatever accommodation you book for them. But it benefits everyone if they are happy with that choice.

The vast majority of staff who stay in corporate housing are happy with the choice.

You get more space to breathe and relax after work. You get more privacy and can fully kick back in your own space.

There is usually less noise too. No noisy hallways or TV noise coming through thin walls.

No queueing for the buffet breakfast, no having to wait for the bacon or coffee to be refilled before you can eat and no having to share the same space with other people.

Happy staff are more productive staff. If they are representing your company, that can have huge implications on future relationships.

It can also help with staff retention. Staff that feel valued and appreciated tend to stay in post longer, no matter the salary.

Feedback from our clients shows overwhelmingly that staff that use furnished rentals are much happier than those placed in hotels.

While hotels are great for vacations, they are much less suited to longer stays.

That is borne out in feedback we receive and is one of the reasons we think corporate housing delivers much more for corporate travelers.

3.     Flexibility with bookings and services

Businesses have to be agile if they are to compete and need to react quickly to changes.

Using corporate housing can help with that.

You may need to book ahead of time, but we can help you with any change you might need. Need to stay longer? No problem? Need to accommodate more staff? No problem.

Need to change location or move to a new city? No problem.

We can help with any aspect of your rental and while there are contracts, rental periods and so on, we are flexible enough to appreciate things change.

We work a lot with project staff, construction teams, oil and gas workers and other roles that involve change.

Projects run over, locations change, new oil fields are discovered or construction projects are put on hold. Life happens and priorities change.

Work with Blu and you’re working with a partner who can appreciate change.

Flexibility for services is about being able to arrange housekeeping or grocery deliveries.

We can provide a wide number of value-add or essential services on demand.

Contact our team, let us know what you need and when and we’ll handle the rest.

Need to change a delivery day or increase housekeeping visits? No problem. Need to pause them while your people are indisposed for any reason? No problem.

4.     Low effort high reward accommodation

This point is as much about us at Blu as it is corporate housing. We offer a largely hands-free experience to all clients and it is very well received.

Most companies have enough going on as it is without having to manage landlords, utilities and the many aspects of accommodating traveling staff.

Work with us and we take care of the majority of that for you.

Tell us where you need to be and when and we can shortlist suitable accommodation for you.

If you need to be close to somewhere specific, tell us and we’ll select accordingly. Need to house multiple staff in the same property? Tell us and we’ll handle it.

Once shortlisted, select your property of choice and we’ll book it and work with the landlord. We’ll ensure everything is ready for your arrival, including utilities, internet and any extra services you require.

If you need anything extra during the stay, we can arrange it. Need to change dates or the number of people? We’ll take care of it.

Once the rental is over, we’ll handle everything so your people can pack and leave without having to worry about anything.

This approach is also very useful for freelancers, startups and small businesses.

We work with a lot of consultants, contractors and other people who don’t work in large companies or corporations.

They also don’t have the time to handle every aspect of corporate housing, which is where we come in.

It doesn’t matter to us whether you’re a freelance project manager or part of a global multinational.

We do our best by everyone and aim to deliver what you need, when you need it and a superior level of service to every client.

5.     Stay anywhere at any time

Blu has access to over 50,000 properties in over 5,000 cities across the country. Wherever you need to stay, we’ll have something close by.

Hotels are also plentiful, but there are times when they are not where you want to be.

Hotels tend to be in high traffic areas, Downtown, tourist areas, by airports or industrial zones.

If you don’t want to stay in these places, you’re out of luck.

Our corporate housing can help with that.

Need to stay close to an oil or gas field? We can help. Want to be close to a military base? We can help. Need to be close to a construction site or in a rural area? We can help with those too.

We have properties close to most larger government locations, military bases, colleges and universities, research centers, manufacturing centers, oil fields, medical districts and anywhere people tend to need to stay.

Work with Blu and you can choose from any of these housing options at any time. It’s all part of the service!

Corporate housing for company travel

As you can see, there are many reasons why corporate housing makes perfect sense for company travel.

Not only do you get more for a lot less, you also get flexibility, happier staff, a wider range of locations and the freedom to change your plans as your business needs.

Are you ready to make the change? Contact one of our team if you are!

Sep
05

Furnished Accommodation for Business Travelers

The business travel industry has been growing ever since its inception. Aside from a hiatus during the pandemic, it has experienced steady growth.

The growth is mainly down to its inherent advantages of corporate housing over the alternatives and the cost savings organizations can benefit from.

Corporate housing offers more for less, keeps business travel interesting by offering alternatives to bland hotel rooms and adds more space, privacy and convenience.

We all know the main benefits of corporate housing, but there are other equally important ones that don’t always come up in a cost-benefit analysis.

That’s what we’re discussing today.

We’re going to outline some of the lesser-known benefits of corporate housing for business travel.

Live where locals live

When you go on vacation, do you stay in the tourist areas or like to see the real destination? Do you only eat in chain restaurants or want to experience local food that local people enjoy?

We’re the latter and we bet you are too.

So why stay in chain hotels, in predictable areas when you work away?

One key advantage of corporate housing is that it can be located anywhere. You can certainly stay in tourist or business areas and never leave if you want.

You can also live where the locals live to get a much more authentic experience.

It’s a definite upside to working away from home and can go a long way to overcoming the usual downsides of being away from loved ones or having to work in a strange city.

Work from home if you want to

Many hotel rooms will have a desk area and a chair, but they are rarely conducive to working from ‘home’.

While you’re mainly working away to be at the office or workplace, there may be times when you need peace and quiet. That’s when working from home can help.

Stay in corporate housing and you’ll have as much space to yourself as you like. Some rentals will have a den or home office, some will have a dining table to spread out on.

All will have fast internet and the space to relax and breathe while you plan, work, revise or do whatever you need to do.

Share space with colleagues

Traveling with a team or with work colleagues? Need to prepare for an exam, revise or come up with a plan? Sharing a space with them can seriously help.

We often work with teams that will work in a destination office but will then need space to work at home, together.

Hotel rooms don’t usually have that kind of space, but corporate housing does.

Sit around the dining table together. Sit in the lounge over the coffee table, sit in the garden or on the balcony, it’s entirely up to you.

What you get with corporate housing is the freedom to work how you want, when you want, with whom you want.

Do more with less

We often work with consultants, project managers, contractors and others who need to work away from home. They won’t be part of a corporation. They may be freelancers, contractors or work for a small business without an HR or travel specialist on staff.

Working with Blu overcomes that challenge.

You don’t need an HR department or someone to manage your travel plans as we can do it for you.

We can help identify and secure your corporate housing, make the booking, arrange utilities, manage repairs and manage everything about your stay.

All you have to do is get there and arrange the payment. We’ll take care of everything else!

All the comforts of home

Taking nothing away from hotels, they do have their downsides. That’s especially true when you’re staying there for a month or more.

Those four walls soon begin closing in and you lament the lack of space, room to relax, to have friends round and to sit and enjoy the sunshine.

All things corporate housing can provide.

Corporate housing is typically high-end apartments, penthouses, family homes, townhomes and other property types.

They are not single rooms amongst hundreds of other single rooms.

You get all the space that comes with the property. You get different rooms, separate bedroom and lounge, perhaps a dining room, your own kitchen, balcony or even a garden.

All things that can transform the experience.

Break the monotony

If you or your staff travel often, breaking the monotony of the same old hotel rooms can be huge.

The same four walls, the same bland color schemes, the same single serving soaps and shower gels, the same dark hallways and the same sights and sounds every time can get very boring very quickly.

While professionals adapt, if you can mitigate against that, all the better.

You’ll find it much more satisfying staying in different places with a different feel whenever you travel.

The psychological benefits are huge and can make a genuine difference to staff motivation.

Pet friendly accommodation

Not everyone wants to travel with their pets, but if you do, you’ll find corporate housing is flexible enough to work with that.

Very few hotels will accept pets and those that do tend to reserve the oldest, scruffiest rooms for them.

Many corporate housing options will accept many types of pets. There may be size or breed restrictions imposed by the building or development, but otherwise, you can travel with your pet if you want to.

Whether it’s an assistance dog or just some company while you work away, pets are incredibly important to us, so why wouldn’t you want them with you when you travel?

Aug
31

Corporate rentals for work relocation and working away from home

With business back in full swing, we have returned to trying to find hotel or motel rooms across the country when there are fewer spaces and more people looking.

It’s one of the many areas of business where resources are scarce, but demand has increased. Fortunately, this challenge has a simple solution.

Corporate housing.

Rather than competing for overpriced hotel or motel rooms for staff, use corporate rentals instead.

You get more for less, have more flexibility in location and availability and deliver a more homely space for staff for longer stays.

It’s the answer many businesses are looking for and it’s right here.

Housing for traveling staff

Staff need to travel and be accommodated for a multitude of reasons. Training, office moves, relocations, change of duty station, projects and so many more reasons.

It could be a permanent relocation or change of station. It could be for training, development, secondment, temporary loan or something else.

It could be for a few days, a month, many months or over a year.

Different organizations have different needs and Blu Corporate Housing can cater to them all. As long as you’re staying for 28 days or more, we can help.

We work with government agencies, enterprise, Fortune 500 companies, insurance companies, medical centers, universities, the construction industry, oil and gas industries and anyone who needs high quality, low cost accommodation for a month or more.

Here are three real life examples of how Blu helped a company rehome staff.

Oil and gas workers

A leading oil and gas firm wanted to house a drill team near Austin, Texas for a period 6 months. They didn’t want a bunkhouse and didn’t want a cheap motel.

They also didn’t want to pay hotel prices or risk Airbnb.

Blu was able to find a family home with 6 bedrooms a few miles south of Austin. It had a driveway, garage, spacious lounge and kitchen and 3 bathrooms.

Everyone had their own private space and enough bathrooms to minimize any delays.

The team could also park their trucks on the driveway and had the run of the house and garden. It was the ideal solution that delivered cost savings for the company and more space for the team.

Project team

A well-known cloud solutions provider needed to house their project manager in Palo Alto to oversee an infrastructure upgrade program.

The company wanted somewhere close to the project site and local stores and amenities. They also didn’t know how long they would need the accommodation for as the project could go over schedule.

We sourced a fully furnished apartment in the city center, close to shopping, dining and entertainment and close to the office. It had private parking so their car was safe and had all the comforts of home.

We were also able to arrange the apartment with a rolling monthly contract to help the company manage their schedule without setting a strict time limit.

Army squad

An army team needed to be near Fort Hood for extended training but didn’t want to stay on base. The accommodation needed to be close enough to be convenient but cheap enough to stay within per diem rates.

The team were training over 3 months and ideally wanted to be accommodated together. This ruled out hotels due to cost and proximity, but Blu found them a single family home less than 10 minutes from the gates.

The team could travel together, stay together and eat together, just like they would in the field.

All within the price limitations of government housing rates.

Cost effectiveness

One of the downsides of a market economy is when demand increases, so do prices. Even when there’s no reason for it, you’ll always see prices rise along with demand.

That’s what we’re seeing with hotels right now.

The vacation market is back to normal and so is the business travel sector. We are seeing more demand than any time in the last 3 years and it shows no signs of slowing down.

So, you have a choice.

You can pay more for no good reason or you could pay less for a very good reason.

We know which we would choose!

It’s the same choice thousands of companies are making all the time.

On average, a corporate apartment costs anywhere between 40-80% less than a comparable hotel room for stays of 30 days or more.

All while giving more space, more privacy, (often) more amenities and a lot more freedom to come and go as you please.

If you’re housing multiple staff at once, it makes even more sense as you can accommodate multiple team members within the same property!

Reliability and consistency

The majority of hotels in the United States are reliable and offer decent quality accommodation. But you have to manage everything yourself.

There is also a difference between chains and between locations.

Use alternatives like Airbnb for Work or some of the other newer services and consistency goes right out the window!

While they make guarantees on overall standards, anyone who has stayed in Airbnb knows there can be a huge difference between what the listing promises and what you find when you get there!

Blu Corporate Housing inspects the vast majority of their corporate rentals and solicits feedback from clients to ensure all standards are maintained.

If accommodation falls below expectations, we won’t use it until those standards are met again.

It’s a simple system, but it works!

Freedom of choice

Blu has thousands of corporate rentals you can choose from, in almost every city in the country.

There are also thousands of hotels, but they are mainly in high traffic areas, close to airports, vacation spots or in industrial areas.

They aren’t always convenient for work, which is where corporate rentals come in.

The vast majority of rentals are standard apartments or townhomes leveled up to appeal to the business market.

They will be in Downtown areas, close to business or finance districts, close to hospitals or universities or wherever you need to be.

The sheer volume of properties on our books means wherever your staff are working or training, we’ll have accommodation close by.

If you prefer accommodation close to city centers or entertainment districts, no problem.

If you need to be close to a military base, university or medical district, no problem there either.

Wherever you need to be, or send staff, we have the reach to help.

Whether you’re relocating staff permanently or for extended stays for any reason, corporate rentals can help.

They provide all the comforts of home along with the space, privacy and convenience of your own house or apartment.

All for up to half the price of a hotel room for stays of 30 days or more.

If that doesn’t make perfect business sense, we don’t know what does!

Aug
26

5 reasons corporate housing works for business travelers

The business landscape has changed a lot over the past few years. We work differently, in different places and are beginning to travel differently too.

It’s that last change we’re discussing here.

Now business is firmly back in action, the demand for travel is steadily increasing. Even in the Zoom era, there’s still a need for in-person meetings and for staff to work outside the office.

Remote working and video conferencing answer some of the challenges of the modern business, but it cannot answer all of them.

People still have to travel to clients, work in other offices, travel to building sites or oil fields, be seconded to other universities or hospitals or undergo extensive training for new roles or responsibilities.

Life goes on and business never stops. Which means there’s a strong demand for business travel.

In fact, we have seen a significant increase in demand for business travel in the second half of 2022.

When everything around us is changing and evolving, why should we go back to the same old ways of working?

The old and new ways of business travel

Not all that long ago, if you traveled on business, chances are you took a flight, hired a car at the destination and stayed in a hotel near the airport or near where you needed to be.

It was a tried and tested combination that delivered predictability and the comfort of the familiar.

But it was far from cheap, or flexible.

Hotels are raising prices all the time. They nickel and dime you for every conceivable thing. They are located close to noisy airports or tourist areas and they are often busy and noisy.

None of which is ideal for the busy business traveler.

That all still happens, but there are now many more viable options.

You can ride share instead of hiring a car. You can home share instead of staying in a hotel.

You can also use corporate housing instead of a hotel.

Corporate housing is fully managed, fully furnished and equipped and designed as a genuine home from home.

What’s more, stay for 30 days or more and it could cost less than half a comparable hotel room!

All while providing a private space for your staff to eat, drink and relax with the comforts of home while working away.

It’s more private and much more reliable than home sharing. It’s cheaper and offers more space to relax than a hotel.

Corporate housing is typically close to business districts, so will often be more convenient too.

For staff, corporate housing offers a comfortable home or apartment with private space and all amenities. If the building or development has facilities, you can use those too.

For companies, corporate housing shows staff you value them by giving them more. It’s also hands-off, as Blu manages everything for you.

Finally, it’s cheaper than a hotel. Even though you get more, you pay less. In the current climate, that’s a genuine rarity!

So now we have set the scene, let’s get to those 5 reasons why corporate housing works for business.

We have touched upon them in the introduction but let’s cover them in more detail.

1. Cost savings

The most compelling reason for using corporate housing is the potential for cost savings.

Business travel costs money and with inflation like it is, any opportunity to save a little cash without compromising quality or amenities has to be a good thing.

Corporate housing can help with that.

On average, companies can save anywhere between 40-80% on accommodation costs when using corporate housing.

Much depends on the location and length of stay, but on average, you can save in excess of 50% on a comparable hotel for stays of 30 days or more if you use a corporate apartment.

All while providing more space, more privacy, more amenities and all the comforts of home.

Unfortunately, we can’t help with the cost of flights or car hire, but we can definitely save money on accommodation!

In fact, we may be able to help with car hire.

Many corporate rentals are in Downtown areas or financial districts. Close to work, close to stores and local amenities.

Potentially, your staff may not need to hire cars at all!

Another cost saving!

Typically, the longer the stay, the lower the rate. So, unlike hotels, you could actually be paying even less for staying longer.

How’s that for a great deal?

2. Location, location, location

As we alluded to a second ago, corporate housing tends to be in Downtown areas or financial or business districts.

That means no driving or getting the bus from an airport hotel or having to travel from sketchy areas with motel rows.

You can drive if you want, but it’s an option and not a necessity. That’s a minor but often important distinction.

If you’re in the military, work at a university or hospital, you’ll find corporate rentals close to those too.

Blu Corporate Housing has furnished rentals close to the largest military bases in the country. We also have housing close to many leading universities and large medical centers too.

With around 50,000 rentals in over 5,000 cities in the continental United States, Blu has access to almost every city in the country.

They will be close to the office, the hospital, the university, the building site, the oil field, the training center or the military base.

As corporate housing tends to be standard apartments or homes converted for business use, they can literally be anywhere.

3. All the comforts of home

The phrase ‘home from home’ is well-worn and somewhat overused, but is perfectly apt for describing corporate housing.

Long term rentals are outfitted just like your home and to a similar quality.

They will include high quality furniture, all appliances, soft furnishings, bedding, cookware, cutlery, crockery and everything your staff need to begin living right away.

All your team will need to bring with them are clothes and any personal items they cannot live without.

Even if staff share an apartment, they get to use all of it.

They will have their own private bedroom and free rein over the lounge, kitchen, diner, bathroom and any other spaces.

Need to do the laundry? No need to pay someone to do it unless you want to. There will usually be laundry amenities within the property.

Wash your clothes and live there as you would live at home.

From our own business travel experience, we find it much easier to relax and unwind in our own space than in a hotel room.

It’s quieter, there’s a better feeling of privacy and security and there’s usually a lot less noise from neighboring rooms and the hallway!

Need to work from home? That’s tough in a hotel room. Even the largest rooms or suites are hardly restful places.

Rent a corporate apartment and you have the entire space as your own. Spread out, put on some music or do whatever it is you need to do to work.

Finally, if you drive to the location, you’ll likely have a driveway or private parking.

Anyone who has used hotel parking will know how common it is to end up with mystery scratches or dents in their car.

It’s another small thing, but they are definitely mounting up!

4. Staff satisfaction

Staff retention is becoming tougher as shortages of skilled staff continue to bite. You could throw money at the problem, but that’s not always enough of a motivation to stay.

Showing staff you value them can be a considerable motivator.

Corporate housing can help with that.

If you don’t have the travel budget for 4 or 5 star hotel, you can give staff much more with corporate housing.

It offers frictionless travel for staff and delivers more space, more amenities and more satisfaction while they are there.

Your team couldn’t fail to be impressed if you rent them a penthouse or high end apartment in the center of a city instead of the same old chain hotels.

They get more space and a better experience while you save money at the same time.

While we all have bills to pay, making your people feel valued is one of the strongest staff retention techniques there is.

5. Customer service

If you have ever rented privately, you know it can be a bit of an epic journey. Lots of paperwork, credit checks, huge deposits and regular inspections by the agent.

There is less hassle with a hotel but there’s still plenty of paperwork to handle.

That’s not the case with Blu and our corporate housing. You get a dedicated account specialist who will be your single point of contact for everything.

Our team are here to help with anything.

We can find your accommodation, shortlist a bunch of options and liaise with landlord to book and manage the rental.

We are also here if anything goes wrong or if you need extra services. A pipe burst? We’ll manage the repair. Need grocery deliveries or housekeeping? We’ll book and manage it.

We are here to help with every step of the way.

From finding viable options in out of the way places, recommending rentals close to military bases or offices and helping arrange cable or internet while your people are there.

It’s all part of the service!

If you’re involved with business travel and want to change it up, corporate housing can help.

It offers more, for less and you’ll have less work on your hands managing it too.

It isn’t often a solution is a genuine win win without a downside, but this is one of those times!