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Corporate housing is a term in the relocation industry that implies renting a furnished apartment, condo, or home on a temporary basis to individuals, military personnel, intern groups, or corporations as an alternative to a traditional hotel or an extended hotel stay
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A corporate housing rental is fully furnished and includes all utilities – cable, internet and electricity – just like a hotel, but it usually offers more square footage to spread out plus separate rooms for relaxing, slumbering and eating. That makes it feel more like home
Average stays in corporate housing are two days to three months – quite a bit longer than a typical business trip. Some corporate housing providers may set minimum stays in the range of 14 days or 30 days.
Corporate housing often is located in apartments or condominiums. Still, detached, single-family homes may also be available, depending on the local market.
Traditionally, business travelers were the main users of corporate housing. Think of someone assigned to train a remote client or a team getting a new project off the ground in a field office. However, corporate lodging has since gained popularity with a broad cross-section of people in need of medium-term accommodations.
Business travelers still use corporate housing, as do government employees on extended assignments. Corporate housing is particularly useful for relocating employees, especially corporate executives. In fact, the Corporate Housing Providers Association reports that relocation is the reason for the extended stay 40% of the time.
Relocating employees might live in corporate housing temporarily to try out a neighborhood or while selling their old house or finding a new house. There’s no pressure to buy or rent a new home immediately. And if a new city or position turns out not to be a good fit, there’s no lease to break.
Some of the most common industries for corporate housing clients include:
Healthcare, such as travel nurses and medical researchers.
Entertainment, such as stage performers and film crews.
Energy, such as oil and gas exploration workers.
Professional services, such as consultants.
Government and military, such as reassigned service members.
Manufacturing and construction, such as project managers.
Finance and banking, such as auditors.
Technology, such as contracted programmers.
One might think of corporate