What is corporate housing?
Corporate housing is defined as a furnished apartment, condominium or house made available for rent or let on a temporary basis, primarily for 30 days or more. Corporate Housing typically includes the following features: Furniture, full kitchen, private bath, linens, housewares, electronics and utilities.
Typical corporate housing unit is:
- Fully furnished and equipped studio, one, two and three bedroom apartments.
- Well maintained properties providing residential living.
- Many convenient locations in and around major metropolitan areas.
- Double the square footage of hotel rooms and suite hotels.
- More cost-effective for companies for long-term housing needs.
What is the corporate housing industry?
Corporate housing industry is a segment of the lodging industry that provides products, services and support of furnished, temporary housing.
Size of Industry
The corporate housing industry has been a significant growth segment of the lodging industry for the past 20 years.
By the Numbers
- Total industry revenue was $2.36 Billion in 2009.
- Average one-bedroom monthly rent is $3,450 ($115/night). .
- Approximately 61,280 U.S. corporate housing units on an average day.
- Average stay in corporate housing units is 92 days.
Serving All Industries
Industries served include government, consulting, healthcare, insurance, engineering, relocation, information technology, financial, and many others.
Serving All Needs
- Business travelers
- Relocating families
- Temporary real estate needs
- Insurance displacement
Source: The Highland Group Corporate Housing Industry Report 2010