Special to California Business Journal.
Surprisingly, corporate housing is still not as widely used as it should be, especially within the SME sector. Much of that stems from the fact that the concept itself is not very well explained, but there’s also the issue of finding available, high quality corporate housing in NYC, Los Angeles, DC, and other major cities. Let’s take a look at the facts as they are now and clear out all the confusion surrounding corporate housing.
When companies rent fully furnished accommodations for their employees and executives to stay in for a short or long period of time on work out of town, the accommodation facility would be termed as corporate housing. Although corporate housing options are selected usually for longer stay periods, the apartments themselves do not come with a limit on how long or how short the stay would have to be, which is part of what makes them the ideal option for business travel.
In fact, even if the apartment is not rented by a corporation, but an individual who has to travel to and stay in a particular location for long periods of time on work engagements, it would still qualify as corporate housing.
It should be noted that the fully furnished apartments which were initially reserved only for the traveling worker are no longer so limited in their utility. From students to migrating new residents, and everyone in between who doesn’t have the time to hunt for an apartment, rent one, and furnish it properly before moving in, they use these turnkey apartments frequently. Sometimes, it’s just an in-between place for people to wait it out in peace until they are able to find more permanent options, while for others it actually turns into a long-term residential apartment for a family!
One of the largest fully furnished apartment providers in the country, Blueground offers corporate housing options across multiple major cities in and outside the United States. They own a large number of corporate housing in NYC. Blueground’s website includes live listings of their corporate housing facilities and updated photos . They have a large number of fully furnished, turnkey apartments in the Big Apple, Los Angeles, San Francisco, Washington DC, Chicago and a bunch of other major US cities where businesses are most likely to be in need of corporate accommodation.
As is the nature of business, there has to be sufficient reason behind any decision. Therefore, the question is, what advantages do corporations enjoy with corporate housing facilities? The answer can be broken down among the following highlighted aspects:
–They must provide housing to employees whose permanent residence is too far to commute from;
–Compared to hotel rooms of similar class, corporate housing apartments are more cost-efficient to rent, especially in the long term;
–Regular residential apartments cannot be rented out indefinitely, which is a requirement for corporate housing;
–Regular residential apartments also cannot provide ready to move in experiences; that is, they are generally not turnkey apartments with full furnishings;
–Corporate accommodations are strategically located near the main business hubs of the city;
–On request, company apartment providers may also add cleaning, maintenance and laundry services to improve an top executive’s living experience.
Technically, a fully furnished apartment that’s ready to move in and stay for as long as necessary would be ideal for a family, and in many ways, it is exactly so. However, there is the matter of expenses to be considered here, which will be significantly higher than a regular, unfurnished, residential apartment in the same city. The premium is certainly worth it for the reliability particularly for families. As corporate housing facilities are generally of the finest quality, and because they are located in and around the prime business hotspots, these are going to be too expensive for most individuals to afford.
Nevertheless, if you are in it for the long haul, even furnished apartments can be rented out at lower than usual rates, which is what makes them a lot more practical for families with children who have just moved into the city. They can use the turnkey experience to settle in immediately and indefinitely while searching for more affordable housing options. It should be noted though, that if affluent individuals do not find the cost of rent to be a deterrent, there is absolutely no reason why corporate housing apartments can’t be rented as a ready-to-go residential apartment. Besides, some of the furnished apartment providers also offer smaller apartments near the outskirts of the city, which are, for obvious reasons, a lot more affordable than luxurious corporate housing facilities close to the major commercial areas, and perhaps offer more school and family lifestyle options.