The Ultimate Guide to Corporate Housing: Everything You Need to Know

Renting out your property as corporate housing means you are renting a fully furnished place to a business. This is mainly for companies with employees who travel a lot and stay away for weeks or even months. 

Corporate housing can be profitable, depending on how you manage it and what competition you have. There are different ways to adapt a house for corporate housing, depending on the people you want to attract. You might make it luxurious for some clients, or more like a home for others. 

If you have ever had to stay in a different place for a while, like for work or vacation, you might have thought about corporate housing. But what exactly is corporate housing? This article will help you explore how to make your property a successful corporate rental.  

What is Corporate Housing? 

The Corporate Housing Providers Association (CHPA) describes corporate housing as fully furnished temporary homes, usually apartments. Professionals manage these places and make sure they have furniture, household items, and facilities like cable, phone, electricity, water, etc. All these are usually covered in one overall cost to the company, and people usually stay for 30 days or more. 

Corporate housing might seem confusing because it goes by many names. You might know it as: 

1. Serviced apartments 
2. Short-term rentals 
3. Executive suites 
4. Furnished apartments 
5. Short-term stays 
6. Corporate apartments 
7. Temporary furnished rentals 
8. Extended-stay apartments 
9. Temporary apartments  

Now, what sets these apartments apart as corporate housing, what advantages do they offer, and who are their typical users? Let’s find out. 

How Do Corporate House Rentals Work? 

Corporate housing is like having a complete home-away-from-home package. It gives you all the comforts and conveniences you need, just like being at home, even when you are not. Unlike hotels, corporate housing offers both a place to stay and extra services. The place you stay, like an apartment or house, is the product. The services include things like maintenance and customer service available 24/7. 

Corporate rentals typically include: 

1. Wi-Fi 
2. Furniture 
3. Utilities 
4. Fully equipped kitchen 
5. Electronics 
6. Housewares 
7. Linens 
8. Private Bathroom 

In some corporate leasing homes, you might get extra perks like using the building’s gym, a lounge for residents, or a business area. They might also have a washer and dryer either in the apartment or somewhere in the building. 

Benefits of Corporate Rentals 

Here is the list of benefits of using corporate housing: 

1. Furnished Convenience: Corporate rentals come fully furnished, saving tenants from the hassle of furnishing a new space. 
2. Flexibility: Corporate rentals offer short-term leases, providing flexibility for temporary stays or sudden relocations. 
3. Home-like Comfort: Unlike hotels, corporate rentals provide a homely atmosphere with amenities such as kitchens, multiple bedrooms, and living areas. 
4. Diverse Options: Corporate rentals offer a variety of housing types, from apartments to single-family homes, catering to different preferences. 
5. Community Amenities: In some cases, corporate rentals are situated within communities offering additional amenities like pools, gyms, and lounges for a more enriched living experience. 

Difference Between Corporate Housing and Other Short-Term Rentals 

Most hotels and vacation rentals are usually designed for brief stays, lasting just a few days or weeks. In contrast, corporate housing is often leased out monthly. Moreover, corporate apartments offer several advantages not commonly found in other rental options, such as inclusive flat rates covering utilities like gas, water, electricity, and Wi-Fi. 

Designed for long-term residency rather than transient vacation stays, corporate housing provides a cozy and functional “home-like” atmosphere. These units come fully furnished with essential household items and kitchenware, including coffee makers, towels, dishes, silverware, cookware, extra linens, toiletries, hairdryers, and more. Some even feature in-unit laundry facilities, eliminating the need to search for a laundromat. 

What distinguishes corporate apartments is their convenience and comfort. Guests can arrive with just a suitcase, as the apartments are fully equipped with everything needed for a comfortable stay. Once unpacked and settled, guests can relax and feel at home, enjoying the convenience as if it were their own residence. 

Who Uses Corporate Housing? 

Corporate leasing apartments are great for people who need a place to stay for a month or more but don’t want to commit to a long-term lease. For example, let’s say a college student gets a summer internship far away. They’ll only be there for a few months and moving all their stuff or signing a long lease doesn’t make sense. Hotels or vacation rentals are too expensive for such a long stay. Instead, they can stay in a corporate apartment for their internship. 

As the name suggests, corporate housing is also good for employees who travel for work a lot. Companies often provide corporate housing for their employees on business trips or when they’re relocating. They do this because comfortable employees are more productive. 

Other situations where corporate housing is useful include: 

1. Moving to a new city and needing a temporary place to stay while figuring out where to settle or finalize a permanent home. 
2. Staying somewhere else during home renovations or repairs to avoid the mess of construction. 
3. Long stays for medical reasons to be near a family member in the hospital. 
4. Being displaced from home due to disasters like water damage, fire, or natural calamities covered by insurance. 
5. Bridging the gap between leases or mortgages when moving from one place to another. 
6. Off-campus housing for students. 
7. Accommodating government and military personnel. 
8. Digital nomads exploring different cities, and more. 

Conclusion 

When renting out a property as corporate housing, there are some important guidelines to follow. Firstly, make sure the property is furnished with good-quality appliances and furniture. Secondly, you can typically charge double the normal rent for a corporate rental compared to an unfurnished one. Thirdly, if you’re running luxury corporate housing with short-term leases, expect higher vacancy rates compared to traditional rentals, so factor this into your costs. 

Also, consider the seasonality of demand. The demand for corporate housing can change throughout the year, affecting how much you can charge. Timing it right during peak demand seasons can potentially earn you more than a year’s worth of regular rent. 

For any further queries, contact us at BFPM.