By Dallas Kali
Sometimes, you need to spend a long period of time somewhere for work, but not necessarily a long enough time to buy a home or sign a lengthy lease. That’s where corporate lodging comes in. Here are four facts about corporate lodging.
1. Tenants
There are several groups of people for whom corporate apartments are common necessities. Government and military personnel traveling on business tend to travel for long periods of time due to the nature of government and military work. It’s also typical for executives and interns in the corporate world. These two groups are the most likely to travel away from home for extended periods of time for work. Anyone who travels for his or her job, such as traveling nurses or auditors, may also benefit from corporate apartments.
2. Sourcing
Like any other market in the housing sector, sourcing for corporate lodging can fluctuate. The number of available units in any given area will depend on the number of condominiums, apartment communities and hotel suites in that area. Sourcing may also depend on the rental rates in the area. Because the lease terms tend to be shorter, pricing for corporate lodging tends to be quite different from a typical lease.
3. Uses
Corporate lodging is intended to provide a comfortable living environment for those utilizing it for at least a month, and usually longer. These apartments are fully furnished and offer many aspects of customer service available in hotels, but at lower rates and with more square footage. These types of lodging are popular options because they feel more like home than hotel rooms or suites and are often situated close to business centers or corporate venues so tenants don’t need to travel as far in potentially unfamiliar areas.
4. Types
Corporate housing can be any number of types of housing. Apartments are the most common, but you may also find options in townhomes, duplexes, single-family homes and hotel suites. The type you choose depends entirely on your needs and budget, or that of your company. The type available to you may also depend on the types of companies operating them in the area you’re traveling to. Local companies furnishing apartment units are the most common type of management, but individual apartment managers and client-centered companies are also options.
Corporate lodging is not the only housing option for a long-term home away from home, but utilizing it can offer many benefits and useful amenities.
