Corporate housing
From Wikipedia, the free encyclopedia
Corporate housing is a term in the travel industry meaning renting out a furnished apartment or house on a temporary basis to individuals, military personnel or corporations as an alternative to an extended hotel stay. According to the industry's trade organization CHPA (Corporate Housing Providers Association), corporate housing was a $2.5 billion in 2006. The corporate housing industry has been a significant growth segment of the lodging industry for the past 20 years.
[edit] Local vs. National Corporate Housing Companies
Most corporate housing companies have a fixed number of apartment units they manage in the city they reside. These apartment units are furnished and the corporate housing companies rotate clients in and out of the furnished apartments and clean them between occupants. Local corporate housing providers can be found by doing an internet search for the city in which you need temporary housing and the words "corporate housing". National corporate housing companies provider corporate housing services in more than their local city. National corporate housing providers are very helpful in managing military or corporate contracts or housing inventories which involve housing occupants in more than one city.
[edit] More on local markets
In cities such as New York the corporate housing industry has expanded exponentially. This tremendous growth has allowed a few entrepreneurs to become strong key players within the local market. The limited real estate available on the island, in addition to an increased demand for furnished apartments, has not only allowed the local corporate housing industry to expand, but also to become more efficient. The quality of the product available, at reputable companies, in New York City rivals the quality of the product available at some high end hotels. In New York City, there is a minimum required stay of thirty consecutive nights for those that would like to lease a furnished apartment.
