Is Corporate Housing Right for You?
Is Corporate Housing Right for You?
When an individual or family is relocated, the first thought that comes to mind is, “Where will I live?” This concern usually brings a family to rush into buying a home too soon in an unfamiliar city, renting an unfurnished home, or staying in some sort of temporary housing.
Some of these options come with a few catches. First, if you rush into buying a home, you may regret your decision when you later learn your new home is near the new airport site no one told you about or your commute is longer than you thought. Trying to sell your home will be costly and frustrating in this tumultuous housing market-so you may be stuck somewhere you don’t want to live for the long haul.
On the other hand, if you decide to rent an unfurnished home for a year ( the typical rent lease is 12 months), you’re not stuck with a mortgage, but you will be forced to live in your “transition” home for 12 months or more. Plus, you’ll have to deal with the expense of moving your furniture in and out of several homes- which is costly and creates wear and tear on your belongings.
Another option you have is staying in a hotel or extended stay hotel. These can work for single executives but not for families. Extended stays offer some amenities ( like a kitchenette), but for a month or longer stay, an extended stay starts to feel like, well, a transient hotel…it certainly doesn’t feel like home.
The final lodging option, corporate housing, just may work the best in a relocation scenario. Corporate housing is a furnished apartment, condo or house that is available for month-to month rent. It requires no long leases to sign, so you move out when you’re ready. In fact, corporate housing is being touted as the “it” lodging solution for relocated executives and their families. Here’s why:
Amenities: A corporate rental includes all the amenities of home without having to move all of your stuff in it. For example, a corporate rental would include a full-sized kitchen along with everything you need for daily living from pots to pans to linens and towels. It would have beds (and bedrooms), cable, Internet and washer/dryer, backyard, etc.
Affordable: Corporate rentals are also typically much more affordable than a hotel or extended stay. The commitment of a month or longer stay in a corporate rental gives you better rates over the long term-and there are not hidden hotel fees, parking fees, etc.
Flexibility: Corporate housing gives families the flexibility to move when they’re ready to move. No long term rental commitments and no rushing to buy a home that you might later regret. Stay as long as you want and move when you’re ready-that is the corporate housing motto!
Comfort: Living in a hotel or extended stays screams transient living. People are coming in and out of the surrounding quarters. It can feel unsafe and unnerving at times. A corporate rental is different. They are typically located in residential condo buildings and neighborhoods, where permanent residents live. It’s a homier feel-you could say corporate housing offers a home away from home!
As corporate housing continues to emerge as a viable and preferred lodging solution for relocated individuals, you can be certain there will be more corporate rentals available to accommodate them. The best part is that corporate rentals are available to anyone these days-temporary, furnished housing, you can find a property yourself on http://www.CorporateHousingbyOwner.com or through a local corporate housing management company.
About the Author: Kimberly Smith is President of the Corporate Housing Providers Association(CHPA). She and her husband, Eric Smith, are the founders of AvenueWest Corporate Housing, Inc., a corporate housing management company, AvenueWest Global Franchise and CorporateHousingByOwner.com, a website connecting private individuals offering fully furnished rentals with corporate housing seekers.