Furnished Corporate Housing: An Ideal Solution for Business Travelers
Table of Contents:
- What does corporate housing look like?
- Who should rent corporate housing?
- How much should I expect to pay for corporate housing?
- How do I get started as an investor?
- The final payoff
In a world where “get up and go” has become easier and easier to do, it should come as no surprise that travel has become a big part of corporate life. Business trips, summits, and even just personal choice keep a good chunk of the modern workforce “on the go” – and in need of places to stay. When you have to leave your permanent residence four, five, or six times a year, finding a good “home away from home” becomes key.
Enter corporate housing – properties, usually fully furnished apartments, that are designed to rent to traveling business professionals on a short-term basis. Corporate housing provides a homelike space for hard workers in need of respite, and it opens a world of opportunities for real estate investors in busy locations. The concept of corporate housing can be unfamiliar to some; our blog on what corporate housing is and its benefits provides a comprehensive understanding of why it's a superior choice for temporary stays.
WHAT DOES CORPORATE HOUSING LOOK LIKE?
At first, corporate housing might sound very similar to a basic long-term rental. That’s not actually the case. The biggest difference is that a corporate housing property is designed with the inhabitant’s workday in mind. For example, Rove Travel makes its furnished corporate apartments worker-friendly by installing modern workstations with monitors and keyboards for tenants to use during their stays. A corporate-friendly home might also include features such as wifi, an in-house washer and dryer, an upscale office space, or access to convenience-oriented services, such as fitness centers or a concierge.
Corporate housing can be designed in two ways: furnished and unfurnished. An unfurnished rental might appeal to a traveling employee who expects to stay for an intermediate amount of time, like six months or longer, because it gives that tenant the freedom to personalize the space. A furnished apartment holds more appeal for an inhabitant on a shorter visit, such as one to four months. It eliminates the hassle of packing up your dishes, renting a van, and moving your own livelihood for an eight-week period. In most cases, corporate travelers are probably going to opt for short term housing that is move-in ready. In most cases, furnished corporate housing will be a better fit for traveling professionals than unfurnished. Furnished housing eliminates the hassle of packing up, moving large furniture pieces, and finding the time to “set up shop” in a temporary home. Living in furnished apartments makes it easier for their busy inhabitants to strike a healthy work-life balance as soon as they’ve been handed the keys. Corporate housing providers need to keep the needs of their future tenants in mind – which means they need to understand you, the future tenant.
WHO SHOULD RENT CORPORATE HOUSING?
The first and most obvious answer to “who rents corporate housing” is, of course, business professionals. Contractors, business partners, and employees of companies with multiple campuses are frequently on the go. Corporate housing provides spaces for them to both work and unwind. For those who travel on a regular basis, they can also give the tenant a sense of normalcy – a place to return when it’s time for next year’s extended stay.
However, corporate housing doesn’t just serve the business world. You should consider it if you fall into these categories, too:
Corporate interns. Since interns are often hired for a finite period of time, they are prime tenants for furnished rentals — especially if the place has flexible lease terms and is built with a work-oriented inhabitant in mind.
Outpatients. Interestingly, corporate housing also holds appeal for those with non-corporate temporary housing needs — such as individuals going through long-term medical treatments. It can provide proximity to important locations, like a hospital, while setting up that patient to work from home and relax – all within arm’s reach of medical care. Someone in long-term medical care will often need flexible lease terms because many medical conditions make life unpredictable. Corporate housing rentals fit that need for flexibility nicely.
Families between homes. Corporate housing is a fantastic solution for families who plan to move to a more permanent residence in the future. Let’s say, for instance, that a family moves from Boston to Fort Worth after one parent receives a promising job offer, but the housing market in Fort Worth is difficult for buyers. That family can sign a short-term lease in a two or three bedroom corporate rental until their house hunt pays off. The time-consuming work of unpacking dishes, moving mattresses, and finding linens can be saved for their new home, and the short-term rental provides placeholders for all of their daily essentials.
Remember: in all its forms, corporate housing should provide the tenant with a space to feel productive, safe, and comfortable. It should make it easier for the inhabitant (or inhabitants) to work hard, rest well, and establish routines in an irregular season of life. Furnished corporate apartments are well suited to fit a variety of needs, even if they have a niche target audience.
HOW MUCH SHOULD I EXPECT TO PAY FOR CORPORATE HOUSING?
The cost of a good corporate housing solution will largely depend on the cost of living in your short-term assignment’s location. If you need to check the realism of a property’s rates, start by checking out the hotel and other short-term rental rates in your area. What to charge will largely depend on where you live and the state of your particular housing market.
However, corporate housing tends to give the tenant more for one sticker price. Since it usually includes utilities in the main fee, there are fewer “surprises” to pay for down the road. The tenant knows exactly what living in that house will cost – no hidden fees – and they tend to get more space (and a better experience) for their money than they would in a place like a hotel or shared living facility.
At the end of the day, a tenant in corporate housing is looking for convenience, comfort, and a space that anticipates their needs. If you can provide that, you will make the stay worth every penny!
If you need an example of a high-value corporate rental in New York City, check out some of Rove’s offerings. Navigating the rental market for a short-term stay can be challenging; our insights on how to find short-term furnished rentals in NYC can help you make an informed decision that aligns with your budget and lifestyle requirements.
Brownstone Lane by Rove Travel | Caroll Gardens, Brooklyn
HOW DO I GET STARTED?
If you think corporate housing sounds like a good fit for you, here are a few quick things to get you started.
First, consider your location. Major cities, like New York City, Denver, Houston, and San Francisco are great places to find corporate apartments— mostly because they are hubs for industry, contractors, and seasonal workers. The best houses are often found in convenient locations.
For those looking for corporate housing that balances comfort with convenience, our guide on finding the perfect corporate housing in NYC offers an array of options tailored to the needs of business travelers.
Once you’ve chosen a city, think strategically about the amenities closest to your property. Can you find furnished corporate housing near Wall Street’s financial district? Can you find condos downtown, or near business centers? Are there housing solutions near the retail district? A hospital? Think about the landmarks in your chosen city that will best serve your short-term needs.
You should also think strategically about the features that your short-term rental will need to set you up for success. If you would find it in a nice hotel room, it should probably be in your corporate apartment as well. After that, think outside the box. Do you need work-friendly amenities, like a state-of-the art office? What about family-friendly ones, like a pet-friendly home or a fully equipped kitchen? Small touches go a long way – especially if you’ll be there for a few months. Finally, if you aren’t already real estate savvy, seek professional help. Working through a service like Rove Travel will put corporate housing experts with business acumen, a great network, and up-to-date information in your corner.
THE FINAL PAYOFF
If done properly, temporary housing is a great solution for many people. It provides you with a warm, productive space that fulfills a variety of short-term needs – helping you to work, relax, and plan for the future with ease. If it sounds like a good fit for you, take your first steps right now! Check out Rove Travel’s website to learn more and connect with an expert.
As the NYC housing market evolves, luxury furnished rentals are becoming increasingly popular. Learn more about why luxury furnished rentals are the future of NYC's housing market and what this means for business travelers seeking premium accommodations.