When we think of corporate housing, business relocation typically comes to mind. According to the Corporate Housing Providers Association (CHPA) 2018 Industry Report, relocation was the largest reason for using corporate housing in the US, with project/training as the second largest reason. However, in our mobile and technology-driven society, corporate housing and short-term rentals have gained popularity with other non-traditional tenants.
- Healthcare Providers and Consumers
- Government and Military
- Disaster Relief
- Professional Sports
- Seasonal Travelers
Phocuswright, a leading travel market research agency, reports that private accommodations now account for one-fifth of the entire housing accommodation market. Since corporate housing falls into this sector, increased growth and market share is predicted as alternative housing becomes more mainstream.
Key Factors in the Growth of Short-Term Rentals
Both housing authorities cited above found that the private accommodation sector has grown in popularity for many reasons. Unlike hotels, short-term rentals offer a higher level of flexibility, locations, and amenities. Additionally, they are more cost-effective than traditional hotel stays.
More than one in three rental properties are now located in an urban environment, a 13% increase from 2012. Business travelers, and especially younger professionals, want to stay where they can experience the flavor of a city and local neighborhoods, as well as events and attractions.
Situated in a residential environment, furnished apartments offer a private and quiet atmosphere that hotels often lack. When it’s time to unwind, the private rental communities provide a variety of outdoor areas, such as green space and rooftop patios not found in traditional accommodations.
One of the most sought-after benefits of temporary housing is the apartments themselves. The ability to work and relax in a spacious setting, set up with stylish rental furnishings, a fully stocked kitchen, housewares, and entertainment, as well as the use of community amenities, can result in a more productive and relaxing stay.
Corporate housing is traditionally utilized for long-term stays of 30 days or more, but demand prompts many providers to offer increased flexibility for short-term leases. As well, there are more options for visiting guests, family, and even pet-friendly housing.
For extended stays ranging from six months to two years, a temporary furnished apartment is a viable alternative for companies who would rather not take on the expense of moving employee’s household goods and furniture. Instead, they are choosing furnished apartments as a cost-effective solution.
Corporate housing and short-term rentals are in high demand—not only for business use, but also for private individuals seeking the flexibility of an extended stay. Why not make their stay more comfortable with stylish, high-quality furniture from Brook? We offer a wide selection with flexible leases and delivery in as little as two business days.