The Corporate Housing Rental Industry
Corporate housing is a full-service solution offering the comforts of home coupled with full-service amenities and handled through the convenience of a committed real estate professional. The industry is unique as it operates within the subset of short-term rentals when compared to other types existing within the same space. This well-organized industry and companies such as Brian Ferdinand’s CorpHousing Group, cater to a select group of professionals while providing a valuable service to businesses, employees, and others in need of high-end temporary housing. This niche of rental property management also provides a sizable economic impact on the communities where it operates.
In the past, corporate housing was used mostly by large companies and enterprises to accommodate C-suite professionals and global partners as they spent more time in metropolitan-located headquarters for businesses purposes. Today, corporate housing has emerged as much more. It has expanded its target client base to everyday individuals needing short-term, executive accommodations that resemble the conveniences of a home away from home. The full-fledged offerings of the corporate housing industry now cater to vacation travelers, people relocating for work or other reasons, and people who just want to get away from their daily lives and explore a new city.
Overview and Benefits
According to Brian Ferdinand of CorpHousing Group and SoBeNY, corporate housing generally consists of apartments, condos, and single-family homes for people to rent while vacation traveling or for temporary work-related reasons. For professionals considering a transfer to a new city, staying among residents in desirable neighborhoods is a unique value in determining where the person may want to live permanently. For the corporate housing client, the ability to leave personal household items intact without worry is an attractive benefit.
The benefits of corporate housing far surpass owners and travelers. The industry has a positive impact on communities in a multitude of ways. Property-owners benefit by having a residual revenue stream by collecting rental income from tenants comprised of trusted, vetted professionals. Neighbors of corporate housing locations benefit by relying on well-kept and carefully managed residences, which protect their property value. Local economies also benefit from the strong economic impact that is often-unseen. This impact includes both the rental dollars paid for market-rate (often luxury) units, as well as visitor spending at local businesses.
Unlike other short-term rental industries, corporate housing does not attract the undesirable behavior that poorly vetted short-term rentals can sometimes attract. Experienced management companies, like CorpHousing and its marketing extension SoBeNY, ensure consistent contact and vetting of its renters on behalf of property neighbors. The high professional standards set by services like CorpHousing Group and SoBeNY significantly minimizes the risk that an occupant will create a disturbance or damage property. Many corporate housing companies assume responsibility and accountable for client behavior to the property and neighbors. This is another benefit that separates the corporate housing industry apart from other short-term rental situations.
Emerging Trends in Corporate Housing
There is an industry-wide upward trend in corporate housing accommodations. Business travelers are finding corporate housing rental units a more exciting and appealing option when booking their business, or vacation, travel. The main reasons for the shift toward corporate housing are more space, better amenities, and less foot-traffic, especially when compared to the standard hotel accommodations.
Unlike hotels, corporate housing offers high-end, luxury accommodations with all the amenities of home and offers tremendous value and material advantages. When choosing corporate housing accommodations, travelers have the option of selecting from a variety of housing types from high-end apartments, condominiums, or single-family homes, which are all located in highly desirable urban and residential neighborhoods. The selection process also allows the traveler to choose accommodations based on lifestyle standards. Each rental unit is decorated uniquely different with various types of furniture and amenity styles and is ready-made for travelers to walk in, unpack, and feel right at home. Having the option to choose from several urban and residential locations within major metropolitan U.S. cities allows freedom of choice that is non-existent within the typical hotel accommodation.
Additionally, staying in a corporate housing rental unit creates an entirely different travel experience. Travelers feel less like visitors and more like residents within an atmosphere of corporate housing rentals. The spaciousness, uniqueness, and comfort provided by corporate housing rentals entice travelers to explore parts and services of the city that they may otherwise not experience. Hotels mainly try to capture the attention of travelers with small rooms, basic amenities, and push for in-house services. On the other hand, corporate housing creates a unique sense of freedom and adventure and creates a brand-new cityscape perspective. With corporate housing, each visit to the same city can be a new adventure by choosing a uniquely different rental unit.