Furnished rental can be cheaper than hotel
It could be the closest thing to home, with a few more amenities, larger staff and the flexibility of a month-to-month contract.
Corporate housing is a fully furnished apartment or home available for rent on a short-term basis, but typically for more than 30 days. Corporate housing offers an alternative to hotels when traveling for work or when settling into a new location and still learning the area.
“For those looking for short term specifically, I think they should consider the benefits of staying in a furnished rental versus a hotel,” said Mary Foresta, property manager at Copper Creek apartments. “I feel it is so much more of a comfortable and relaxed environment and a place you can cook and have all of the perks of being home as well.
“A lot of hotels are busy, loud, congested and just don’t feel like home.”
The rules of finding comfortable corporate housing are the same for any housing: find a location that works for you and your commute, stick to a budget, create a list of must-haves and a second list of things you want. In addition, consider the comfort of the furnishings, make sure utilities and amenities such as cable and Wi-Fi are included and expect to pay some form of deposit.
“People looking for corporate housing should pick the place that is the best fit for them with regard to location, safety and security and amenities and then enjoy the opportunity to be part of new community for the time you’re away from home,” said Pam Krebs, director of global communications for Oakwood Worldwide, a community of corporate rental properties.
In addition, ask if the complex is a member of the Corporate Housing Providers Association, which sets the industry standards for corporate rentals. Both apartment complexes and individual homeowners can be members of the association. To find members, visit www.CHPAonline.org. Members who are certified corporate housing providers have passed an industry test. This should ensure the property is up to par for your stay.
“The immediate criteria for anyone selecting corporate housing is how close is it to where you want to be, how safe and secure is the building, what type of guest services does the property offer, how do they handle service issues, and what is being offered as part of your lease,” Krebs said.
So why sign a lease for a corporate rental instead of staying in a hotel? For one, it’s typically cheaper than staying in a hotel for more than a month and it can feel more like home. And with the average rental stay at 96 nights, a place to call your own comes with its own creature comforts, like dry cleaning, maid service, upgrade cable packages, pools and gyms.
The CHPA says the average daily cost of a corporate rental is $136.90.
Offering a full kitchen stocked with cookware and utensils, meals can be prepared at your new, temporary home instead of dining out on the regular.
“The wonderful thing about a corporate apartment is that you do have the opportunity to make it your home because you have so much additional space when compared with a hotel room,” Krebs said. “In addition to what we provide, guests have the opportunity to bring items from home to personalize the space. For example, some guests bring framed photos of family members and friends.”
Across the U.S., corporate housing rental revenue increased 4 percent in 2014 to a total of $2.73 billion, according to the CHPA. The majority of the rentals are used for relocation purposes.
“In a corporate housing provider, look for professionalism, standards, reputation and a good support team to maintain the property during your stay,” said Kimberly Smith, CEO of Corporate Housing by Owner. “If you can, tour the property in person prior to renting or ask for photos of every room and understand if the property is CHBO complete, which includes all furnishings, utilities and Wi-Fi.”
In addition, take note of their repair policy for broken appliances or air conditioning.
“When planning for an extended stay, people may focus on the location and amenities of a property, but they should also consider what type of customer service is being offered with regard to responding to repair and maintenance requests and also what types of plans the property has in place in the event of disaster,” Krebs said.
It’s best to chose a corporate rental in an area near where you plan to make a permanent home to orient yourself with the nearby amenities and community and ensure that’s where you want to make a move. If that part of town doesn’t suit you, another stay in a corporate rental on another side of town could be beneficial to truly scout out the area.
“Don’t settle for boring,” Smith said. “Especially when enjoying a new city look for great locations, views, and you will be surprised all the options you can find.”