Investments

What Is Corporate Housing?

Updated Oct 1, 2018

The professional landscape has undergone drastic changes in the last decade. Our growing interconnectedness makes it possible to achieve the same level of coordination and joint productivity as workplaces from all over the world. This development has changed the game for both traditional and freelance professionals, and effectively brought the Gig Economy into existence.

However, there are some things that simply can’t be accomplished through remote work: hands-on experience, interpersonal connection, site evaluations, and a range of other benefits that only come with boots on the ground. For these cases, corporate housing is a professional’s best bet.

What Is Corporate Housing?

In a general sense, corporate housing is "a fully furnished, temporary housing solution that allows tenants to live more like they would in a real home" (Inc).

Basically, it's the happy medium between a temporary apartment and a full-on home. Here are some common traits of corporate housing:

It’s in the right location

Corporate housing is called that for a reason—the main reason being the fact that most of them are located very near places of business, including popular amenities like restaurants and shopping.

If you're an employee, you'll surely appreciate the savings in the form of transportation costs and time. 

Why rent a car when you could ride a bike or even walk to work?

It’s homey like a house

Nearly all the different types of rentals offer you the same amenities that you can get in a traditional housing setting—i.e., kitchen, gym, pool, and laundry—with no long-term lease agreements.

If you find a corporate apartment in the suburbs, you’ll have the very same comforts of home, because, well, you’ll be living in an actual house.

You might be surprised to learn that some places are kind enough to let you bring pets.

It’s quiet

Hotels are great for spring break and vacations but aren’t conducive to working late hours or maintaining a sense of privacy.

In a hotel, you'll be surrounded by vacationers and overly-attentive house staff; but, in a corporate home, you can enjoy that sense of privacy and seclusion many working adults need.

It’s more affordable

If you’re going to be in a hotel for more than a month, you’re better off looking for furnished apartment options.

As we said above, the former offers the same amenities that traditional apartments or housing offer, but only makes sense for a short-term.

Unless you can afford an expensive hotel suite for an extended period of time, you might want to look for affordable corporate apartment options. Besides many large corporations provide for corporate housing anyway.

It's spacious

Let’s be honest: living out of a suitcase for one to three months is hard.

You know what else is hard? Living in one room for three months. Trust us, you can only take the minimalist life so far. There's only so much you can remove until it starts getting uncomfortable.

An executive apartment's larger space will allow you to entertain guests, arrange your things properly, and even carve out some much needed "me" space. It'll feel like a home, even when you're away.

Corporate Housing for the Professionals of Today (and Tomorrow)

With the rise of tech housing solutions like 2nd Address, traveling professionals and their employers can enjoy fewer compromises when deploying to cities around the USA.

From the corporation’s perspective, corporate housing eases the financial burden of putting a roof over their agents’ heads. This is because extended nightly stay arrangements (i.e. multi-month leases) are largely more affordable, and tend to come at cheaper rates as contracts lengthen.

For the traveling professional, corporate housing options are more spacious, more comfortable, better for maintaining a social life, and better for hanging onto passions while on the job. They blend comfort with practicality, and are a perfect fit for a growing demographic of mature (or perhaps, homesick) professionals on the go.

Those on the verge of beginning a career have much to gain from opting into corporate housing arrangements. Whether you’re looking to learn from a summer internship in an expensive city like San Francisco, or join a startup competition to put your big idea to the test, extended nightly stays via corporate housing are well worth considering.

Finally, it’s worth noting that professionals of all kinds can benefit from corporate housing. It doesn’t matter if you work in IT, consultancy, or nursing—if your job takes you to cities far and wide, the format is yours to enjoy. In fact, it’s worth enjoying even when the travel is part of the job-hunting process, as is the case for actors looking to catch a break during pilot season. No field or industry can claim a monopoly over a need for the comfort of a cozy home environment.

Corporate Housing and Leisure

The extended nightly stay format goes beyond work and into play. The demand for longer vacation stays is rising along with the options for virtual offices, as well as travelers’ preferences for unique and meaningful experiences over standard tourist traps.

Corporate housing formats are a blessing for vacationers for their cost-effectiveness, as well as the variety of experiences that a single housing setup can offer. Their location at the hearts of residential or commercial areas make for great bases of operations for the experiential traveler looking to hit the town and live as a local.Alternately, the comforts and freedom of a home blend with the luxury of a fully furnished vacation rental to provide more traditional vacationers with the option for deeper rest and relaxation.

There’s no limit to the number of travelers who might benefit from the rising trend of corporate housing. Whether you’re a professional or a pleasure-seeker, the market for extended nightly stays guarantees something for nearly every type of jet-setter.

For a deeper look into how corporate housing might benefit you or someone you know, have a look at our articles on the subject: