Despite having the name corporate housing, these long term housing units are used by everyone from vacationers to contract employees. Its original use was for corporate employees, but it has expanded through the years to include these and other people.
In short, it’s any housing that is furnished and stocked for people to stay for extended periods of time. This could be anything from a few weeks to a few months, depending on the situation. In fact, it led to corporations buying houses just for people to stay in.
We’ll examine corporate housing and its general expense when compared to other methods.
Who Uses Corporate Housing?
When a company purchases a home, duplexes, or contract with a hotel for these needs, the people that use them are often employees that need temporary housing. These could be a group visiting a city for a conference.
It could be new employees that need a place to stay until they find their own home. If the houses aren’t being used, they may even rent them out to people visiting the area for vacation. The homes are furnished and often are stocked for people before they move in.
This allows them to have an easy time since they likely don’t know the area.
The Cost of Corporate Housing
Corporate housing tends to be more expensive than renting a hotel room for the same period of time. The reasoning is the homes are much larger than hotel rooms and fully furnished. They may become a pain for corporations to have united that aren’t being used.’
Many companies choose to rent corporate housing rather than buy houses in the various areas. A corporation is a business, so they don’t want to own homes, unless necessary. They certainly don’t want to buy furniture and pay for upkeep.
Renting a home or duplex from a rental company is often a better way of doing it since the corporation only pays for the cost of renting.
Is Corporate Housing Expensive?
Yes, it’s expensive. In addition to buying homes, furnishing, and cleaning them, the company also has to pay yearly property taxes. If the company requires the employees to pay rent while in the home, they will find it more expensive because of all these factors.
The good news is these weren’t designed for years of living. People usually live in the homes for a few weeks or a few months at most. Corporations often look to other options including paying for rooms in motels that offer weekly or monthly rates. They can also book the homes for people vacationing in the area or for employees that want to get a few weeks away.
Corporate Housing Crisis
Corporations understand they have a need to house employees for various links of time and corporate housing was a popular option. The last few decades have seen a decrease in this because of the cost and responsibilities of owning homes.
If you want to learn more about corporate housing, then please explore our site.
