What is Corporate Housing? Full Breakdown

Lodging your team could be as simple as finding transportation and a hotel room, giving them an agenda, and setting them free. This works well for travelers on short work trips lasting a week or less.

What if their stay is extended, lasting more than a couple of weeks, or possibly an indefinite time frame?

In those situations, extended stay hotels aren’t the best answer. The nights add up to expensive costs, and your travelers start to feel the claustrophobia of long-term hotel living.

The good news is that you have better options for your nomadic travelers in the form of short-term housing geared toward businesses.

We’ll explain how corporate housing stands out from other short-term business travel rentals and discuss further options that might better fit your needs.

Who Should Consider Corporate Housing?

Corporate housing in the business industry refers to short-term rentals geared toward workforce travelers. As the rate of nomadic workers continues to rise, temporary housing options expand to meet their various unique needs.

The largest portion of business travel involves companies sending employees on short trips with an average stay of less than one week. These corporate travelers are perfectly content with a nice hotel and the potential for a quick mini-vacay when not in meetings.

Stays that extend past a week or two enter the realm of corporate housing and workforce houses. Workers in these categories need more than a vacation home or hotel but aren’t quite at the level of needing a year-long lease.

The Turnkey Home for Longer Stays on the Road

Long-term business travel is de rigueur in many industries today. For example, if you’re on a sports team or are in construction or healthcare, you expect to spend weeks or months away from home.

The corporate housing industry provides temporary homes for individuals who don’t want to stay cooped up in a hotel.

Renters get a budget from their employer, either a contract with a specified limit or a per diem. If it’s military-related, they’ll have a Basic Allowance for Housing. Anything over this rate is typically agreed upon before signing a contract and covered out of the tenant’s pocket.

Corporate Leases vs. Rental Agreements

If you’ve ever rented before, you know it’s common practice to sign a lease before moving in. Most leases cover a period of 6, 12, or 18 months. If tenants leave before the lease ends, they’re responsible for whatever expenses remain under the contract terms.

A rental agreement works in a similar way to a lease but covers a shorter term.

Tenants using rent agreements are usually looking to sign 30-day contracts, with the possibility of extending their stay each month.

Corporate leases and rental agreements are under the company’s name, not the employee’s.

They cover:

• The length of time the tenant will be occupying the home
• What utilities and maintenance are included
• Any renter obligations

The employer generally pays for the security deposit, agreed-upon utilities and services, and rent. The tenant takes care of things like pet deposits and any out-of-the-ordinary expenses.

Find out how corporate housing is being redefined

Benefits of Corporate Housing

Apartment living is always easier than long-term stays in hotels. However, it’s often hard to find apartment managers willing to accept month-to-month rental agreements.

Corporate apartments, houses, and other lodging options give you the best of both worlds. Renters get the conveniences of a home without the worries of a long-term lease.

Decor, Amenities, and More

The average corporate home is a fully-furnished apartment near a popular city’s business district. Utilities are often included with the rental price, and the tenant gets access to the same amenities offered to other residents.

A corporate home renter would get to enjoy things like fitness centers and swimming pools, in-unit washers and dryers, TVs, and WiFi. Combining expenses and amenities makes this short-term housing option cost-effective (especially compared to the daily rates of hotels).

The main drawback is that the furnishings and decor are one-size-fits-all …

Unless you use a workforce housing company with expertise in individualizing your stay.

Giving Extended Rentals a Personalized Touch

Corporate lodging should have everything a renter needs to be content in their temporary home. The package includes furniture, bed linens, towels, dishes, silverware, and appliances.

All tenants need are their personal items, and they can move right into the space. This is the perfect setup for people like traveling nurses, temporary interns, or construction crews on the road for a project.

However, what happens if you’ve moved your staff into a place with furnishings or interior design themes they don’t like?

They might feel “stuck,” which leads to dissatisfaction. As the experts remind us, a team member’s mental health ties directly to their on-the-job productivity.

This connection to your business’s bottom line means looking into personalized workforce housing may be worth it.

Companies like Travelers Haven turn the basic corporate housing setup into a home designed especially for the tenant.

Discover: Why You Should Use a Service to Book Your Apartment Corporate Lease

Corporate Housing vs. Other Types of Short-Term Rentals

Workforce housing is integral for nomadic workers. Anyone heading out for business purposes with an extended stay in mind needs a home, not a hotel.

However, millions of people take short business trips every year. These are still corporate trips, but they don’t require a home environment for travelers. That’s where other corporate housing options are beneficial.

Breakdown of Short-Term Housing Options for Business Travelers

When researching your options for employee housing, you will see a range of short-term solutions, like:

• Hotels
• Hosted homes (e.g., VRBO, Airbnb)
• All-inclusive resorts

While they all work in general (a roof over their head plus the basic necessities), corporate lodging is geared toward the long-term business traveler with the benefits we discussed earlier.

Why Short-Term Rentals Don’t Work for Long-Term Business Trips

As an example, you could book an Airbnb for your staff. The only problem is that these rentals are like hotels, where you pay nightly or weekly rates, plus local and state taxes. And, as with business hotels, most hosts limit how long you can extend your stay.

No one enjoys moving into a new place every few weeks. Yet, that’s what happens when you use a short-term rental rather than long-term corporate lodging.

When you’re navigating a trip to a new city, finding corporate apartments can be tricky. It’s easy to find hotels, vacation rentals, and leased unfurnished apartments. Digging a little deeper into corporate housing offers will give you the best return on your investment and make your staff happier.

Related: Best Practices for Creating an Employee-Friendly Housing Strategy in 2022

Workforce Housing with Travelers Haven

Many companies that provide these lodging services are part of the Corporate Housing Providers Association (CHPA). This designation means a business is likely accredited by a professional trade association and meets the highest quality assessment standards.

It’s a helpful label to see when you’re considering multiple corporate housing companies. What sets one apart from the other is the network they have to pull rentals from and how they treat their clients.

Global business travel is a massive trillion-dollar industry for hospitality service professionals. This works out in your favor because anything you need is likely available with the right company.

The trick is finding legitimate experts among a sea of lesser-skilled service providers. Thousands of businesses choose Travelers Haven as their go-to home-away-from-home locator.

Why Choose Travelers Haven?

Working with Travelers Haven is always the best option, no matter where you’re sending your staff or how big or small your company is.

Travelers Haven redefines the way corporate housing has been traditionally structured. We focus on creating workforce housing options that solve the tenant and employer’s unique needs.

We understand that your business travelers may want an apartment community with perks like a full kitchen. Or they may wish for a house away from the hustle and bustle of the city. We get that you’re working within a budget and want the best for your staff within that limit.

Adding the need for flexible lease terms to the equation can sound like a complex problem to solve.

Travelers Haven makes the solution less of a quadratic equation and more of a 1 + 1 = 2 answer.

How Travelers Haven Can Help You

Our team of experts connects you to affordable workforce housing close to the job site, whether in New York, San Francisco, or somewhere in between.

As soon as you fill out the essential information, someone will reach out and contact you for more details, like:

• Do you need one home or multiple lodging options?
• Where is your ideal location? (You can choose a city, town, or even a street. We’ll take care of it.)
• Will you want a studio apartment, a luxury townhome, or something else?

Travelers Haven has worked in the industry for years, building a network of connections to create the perfect temporary home for you. This network ensures that whatever you want, from houseware to paint colors, is available on demand.

You’ll design the ideal housing solution for your staff, and we’ll reach out to our vast real estate connections to make it happen.

After finding the right home, one of the biggest headaches is getting the utilities set up. Many utility providers require a minimum stay, credit check, and a deposit before they will hook up service on a temporary basis. With Travelers Haven, we handle that part for you, too.

Our services include bundled billing.

Your monthly payment covers rent to the property owners, utilities, and any extra fees. We use our connections with the service providers to complete all the renovations and get everything hooked up before the renters move in.

When your contract is over, you don’t have to worry about disconnecting anything. The tenants pack their belongings, and we handle the rest.

With Travelers Haven, corporate housing is simplified. You tell us what you need to make your stay successful; we make it happen. It’s as easy as that.

See also: What Is A Corporate Lease? [Explained]

Conclusion

As your business grows, so will your budget for travel expenses. Sending a traveler or multiple people on trips is a standard part of growth and a reliable way to get a return on your investment.

No matter how “in the black” your company is, you want the best deal possible, and Travelers Haven can help you get that for your workforce housing needs.

If your nomadic travelers’ length of stay is longer than a week or two, skip the hotels and vacation rentals. Instead, give your staff a furnished home where they can feel welcome and relaxed while on the road.

Travelers Haven saves clients an average of 43% off temporary housing, contact us now!