Certain components of Global Mobility expanded during the pandemic. Corporate housing has seen unprecedented growth during the last eighteen months, and there is no sign of stopping. Corporate apartments, whose original purpose was for business employees with work that took them out of town frequently, have come to provide shelter for a variety of renters.
Corporate apartments offer short-term, flexible lease length options, and this is their biggest draw. Business travelers, employees, government contractors, students, digital nomads, and now vacationers are attracted to short term housing. These turnkey units are fully furnished, often luxurious, and rented under a single payment with utilities included.
It’s still important to do due diligence while searching for corporate housing. Here are some pros and cons to note:
Pros:
- Flexibility: Many corporate apartments offer month-to-month leases or shorter leasing terms.
- Cost-effective: Corporate apartments may rent for higher rates than traditional apartments, however they are fully furnished and less expensive than a hotel.
- Move-in Ready: No need to move your furniture or unpack your boxes. No utility companies to deal with – just stock the refrigerator.
Cons:
- High-Priced Rent: Fully furnished corporate apartments have typically higher rental prices than traditional rental units.
- Short Term Lease Options: Short term leases work well unless you need to extend the lease and the apartment has already been leased to the next person.
- Renting Sight-Unseen: Corporate housing is often not available to tour before you move in. While there may be photos, these apartments are usually rented sight unseen.
Corporate housing companies can be a great resource. There are many companies that can support your corporate housing needs and often handle more than just temporary housing. National Corporate Housing is a great resource for housing in the United States, Europe, the Middle East, Africa, or APAC, and is also a destination service provider. Primestone Partners recently assisted with a group move out of Russia to corporate apartments in U.A.E. Blu Corporate Housing has compiled a list of the Top 15 Best Corporate Housing Companies in 2022 as an additional resource.
As a local example, Ray Madronio, CEO of California Corporate Housing noted that, “Demand for temp housing continues to be strong in Silicon Valley. Companies are finding that some in-person work at the office is critical to productivity and efficiency.”
From Furnished Quarters: “The double demand for corporate housing is exceeding pre-pandemic levels. This sharp uptick in requests is helpful in the recovery of our urban areas, many of which were hit the hardest throughout the pandemic. At Furnished Quarters, we have always believed in the staying power of iconic metropolitan areas and pride ourselves on consistently maintaining a unique variety of inventory within our core markets of New York, New Jersey, Connecticut, Massachusetts, and California.
With that said, the increase in demand for our products has resulted in extremely limited availability, and we expect this trend to continue through the third quarter of 2022. In response, we have been taking significant steps to mitigate the effects of these market conditions to ensure we can continue to serve our client base including: proactively acquiring new inventory by leveraging our strong relationships with the leading real estate owner-operators and expanding our offerings in New Jersey, Westchester, and Connecticut to provide our NYC-focused clients with attractive alternatives.”
Whether you’re relocating one employee or a group of employees, temporary corporate apartments are great for renters looking for reliable, affordable, short-term accommodation. Best of all, employees can stay more affordably, have access to more amenities, and enjoy a home away from home for a brief period.
*Image courtesy of California Corporate Housing
