Not every business matter can be handled during a weekend seminar or week-long visit to a branch office. Quite often an executive or project manager must remain out of town for weeks or months at a time. Staying in a cramped hotel room on the outskirts of town is not always the best arrangement for business leaders. This is why many private housing agencies offer a special service called corporate housing.
Corporate housing is usually designed to be a temporary or short-term arrangement. Units available for corporate housing can range from extended stay suites in a hotel to fully furnished condominiums or apartments. Many corporate housing options are located right in the heart of major cities, eliminating the need for long commutes in unfamiliar surroundings. Finding a regular apartment for rent in New York City may be problematic, but corporate housing is almost always available for short-term leasers.
The cost of corporate housing may be substantially higher than comparable private housing, but it may include utilities and other services. The cost of corporate housing is usually negligible when compared with the alternative of long-term leases for a temporary guest. Most corporate housing is also fully furnished, and there may be housekeeping services available.
The benefits of corporate housing are numerous, beginning with the improved living conditions for visiting executives and managers. After a productive workday, guests can relax in a home-like environment, rather than a sterile and impersonal hotel room. Spouses and children can often accompany a business traveler with corporate housing privileges. Guests can store and cook their own food, eliminating the need for expensive outside dining. Visiting executives can also entertain guests or hold private meetings away from the office.
Corporate housing is usually offered through real estate agencies and other property rental businesses. Extended-stay hotels and suites generally advertise their suitability for corporate housing as well. It may be especially helpful to work through a rental agency in order to get the best terms for temporary housing or short leases. Private property owners may be more reluctant to offer such arrangements, since they would not be assured of occupancy after the visiting executive returns home. Corporate housing is usually a lucrative source of income for rental agencies, especially in expensive cities like New York City and Washington, DC.
Written by Michael Pollick
Edited by Niki Foster
Last Modified: 03 August 2010