Things You Should Know About Corporate Housing

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Things You Should Know About Corporate Housing
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Synopsis

1. Investing in Corporate Housing
2. Corporate Housing and Its Uses
3. Benefits of Corporate Housing and Tax Issues
4. Who Can Benefit from Corporate Housing Units?
5. Find Out How Interns Can Benefit from Corporate
   Housing
6. Corporate Housing and Business Expansion

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Investing in Corporate Housing

• Renting out corporate housing differs from other
  renting opportunities. The investor comes into
  the property expecting to spend a lot more to
  make the space completely livable. The corporate
  housing renting spaces are lent out to
  corporations and other large businesses. Because
  of this, the investor makes the space as up to
  date as possible. He will also fully furnish the
  space, because these stays wont typically be as
  long. They will be on a more month to month basis
  rather than yearly.
• While the investor may come to the start of the
  project with more out of pocket money typically
  they will end up with more money in pocket in the
  long run, depending on a few details. The
  investor has to do a lot of research to determine
  where to invest into a property. Not everywhere
  will be beneficial for corporate housing. The
  investor has to determine where corporations or
  business may want to expand. Large cities are
  typically a good bet as well as expanding areas
  around the country. Once this is determined, it
  is up to the investor to market their property.
  It is important to create great business
  relationships. Often times, a corporation will
  continue to use the same corporate housing again
  and again, because it cuts back on time and is
  simply easier. An investor wants a couple of
  corporations to do this. It guarantees good
  tenants and a steady cash inflow.
• Investors also understand that they can charge
  more for corporate housing than they can for
  typical renting because of the clientele they
  reach and the fully furnished space they offer.
  Something else to keep in mind as an investor,
  however, is the other services that corporations
  will be expecting during their stay. They will
  most likely expect a cleaning service of some
  sort and dry cleaning. They will also want to
  know about the area and what is offered for them
  (dining, entertainment, etc). While this will
  cost more for the investor, it pays off in the
  ending price corporations are willing to pay.

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Corporate Housing and Its Uses

• In the past these corporate housing spaces have
  only been available to the elite corporations. It
  has been extended to those in the medical field
  that may need to temporary relocate based on a
  special medical case or for long term care for
  specific patients. Government officials also use
  these. Some officials may not fully live in the
  capital, but rather travel there when they are
  needed. They can stay in these corporate housing
  spaces instead of hotels. Lately, celebrities
  have chosen to use corporate housing as well to
  lessen the amount of paparazzi. It keeps them a
  little more hidden. There are other jobs that may
  deem corporate housing necessary as well.
  Sometimes a company simply has a large ongoing
  project with either another company or a branch
  campus. The business will then send its employees
  to the area temporarily to complete the project.
  Also, a corporation may simply be opening a new
  branch of its business. They will relocate a lead
  employee to the new area to oversee the start up
  and to help train new leadership for that branch.
  
• In more recent years, corporate housing has been
  extended beyond only corporate use. The increase
  in natural disasters has left many families
  stranded and without a home or any of their
  things. The government and even some insurance
  companies have made deals with corporate housing
  owners to use their spaces. The stranded families
  have been able to stay in these corporate housing
  spaces for a set amount of time while they look
  for options of starting over their home. Many
  people have questioned this decision stating
  these families have not necessarily lost jobs, so
  they should be able to simply rent an apartment
  of some sort until they can figure out a new
  home. What these people do not realize is that
  these families not only lost their homes, but
  also their furniture, appliances, etc. It is not
  such an easy fix. Some of these families are also
  too large for a simple extended stay hotel. Also
  pets sometimes present a problem for these
  extended stay places, as well.

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Benefits of Corporate Housing and Tax Issues

• These corporate houses are fully furnished unlike
  other rental properties and have all the basic
  utilities for a comfortable living. These houses
  have fully equipped kitchens and functional
  bathrooms.
• Unlike the hotel rooms, these corporate houses
  are as comfortable as your own home. You can
  enjoy your privacy and live in your own way.
  Nobody is there to interrupt you in the name of
  room service. For extended stays, being able to
  live in a home-like environment will certainly be
  a productivity booster.
• These corporate houses supply you with all the
  required utilities be it internet service or
  local cable. You get washing machines,
  television, refrigerator, and other required
  electronics pre-installed in these houses. The
  houses also have sufficient stock of bed sheets
  and bath towels which can be changed as required.
• Staying in a corporate house instead of a hotel
  is quite cost-effective. Despite all the
  available facilities, the rental charges of
  corporate houses are lower than that of hotel
  rooms. In addition, you can also save your money
  spent on food, as you have to dine out or order
  your meals daily while living in a hotel. On the
  other hand, you can cook your healthy meals
  easily at home due to fully equipped kitchens in
  corporate houses.

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Benefits of Corporate Housing and Tax Issues

• While the concept of corporate housing has its
  benefits, it is natural to have questions
  regarding your taxes. If your stay at the
  corporate house is due to a fringe benefit by
  your employer, it is considered as a part of your
  income and is subject to tax deduction. If you
  are staying there during the period of
  relocation, you have to bear the tax.
• If you are traveling for the purpose of business
  and have to stay there as part of your work
  regime, like if you are a project manager and are
  staying at premises within the area to supervise
  companys upcoming project, the staying cost is
  excluded from your income and is nontaxable.
  People from civil service, government, education,
  and construction companies can benefit from this
  exception of a tax deduction.
• Another exception from tax deduction is that if
  you have to stay at the corporate house for a
  long duration like a year or two then your house
  allowance will be deducted from your salary and
  this cost of staying at the corporate house will
  be included in business expenses and you don't
  have to pay the tax. So, be sure to consider
  these tax related issues when opting for
  corporate housing.

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Who Can Benefit from Corporate Housing Units?

• Medical researchers, nurses and health care
  officials who are traveling for some project or
  training
• People from the entertainment industry like
  artists, directors, producers, and behind the
  stage crew who are traveling for shoots and
  recordings
• Traveling workers and researchers from energy and
  fuel department
• Consultants and corporate counselors staying for
  a series of seminars or training workshops
• Temporarily reposted government and military
  employees
• Project managers and engineers of construction
  companies for ongoing projects
• Auditors, bankers, and other finance personnel
  traveling for auditing and other official tasks
• Programmers and IT specialists from technology
  departments

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Find Out How Interns Can Benefit from Corporate
Housing

• Corporate houses often grab the attention of
  interns for their residential issues and they are
  the most frequent users of this housing facility.
• If you are a graduate or undergraduate and want
  to explore the cooperative world and attain the
  firsthand experience of working environments, you
  should decide to explore various opportunities
  that often require relocating and staying in new
  cities and towns. The biggest concern of these
  struggling interns is to find a safe and
  affordable housing that is in close proximity of
  their workplace. This residential issue turns out
  to be the greatest obstacle in their way and
  often make them stick with less-than-perfect
  housing options.
• Many companies and firms are well aware of this
  major concern of internees and facilitate their
  future employees by offering them these corporate
  houses. The employer often bears complete or a
  major part of the housing cost to attract the
  fresh graduates looking for better career
  opportunities. This strategy helps them in
  getting the brightest and capable employees for
  their firms as these interns of today opt for a
  permanent job after their internship in the same
  firm.

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Corporate Housing and Business Expansion

• Corporate housing may be the executive suite of a
  hotel, the top floor of an apartment building, or
  at rare times may actually be a single family
  home. The space comes fully furnished with
  furniture, appliances, towels, bed sheets,
  toiletries, a fully functional kitchen etc. The
  majority of the time, other services are
  included. There is usually a cleaning service, a
  dry cleaning service, and maintenance services on
  hand. This allows for the employee for a quick
  and easy move and transition to the new temporary
  location. The business sending them does not want
  to waste time and money on the employee having to
  search for a place to stay and then also have to
  wait for them to move and settle in. Not to
  mention, those costs add up quickly, especially
  when moving to a new state. The corporate housing
  speeds up the process and everything is already
  there waiting. The employee can move in and get
  right to work in the new branch location.
• This sort of temporary housing also gives large
  businesses other options. Sometimes the ideal
  employee to send for the project is not alone.
  The employee may have a family or even pets. As
  silly as it seems and so minute to think about,
  the employee has to consider what to do with his
  furry friend if he will be out of town for an
  extended period of time. Boarding is expensive
  and not fair to the anima if it will be for a
  long stay. Corporate housing will, most of the
  time, allow for animals while extended stay
  hotels may not. The other consideration is
  family. It is unlikely that an employee will want
  to leave his family home alone for more than just
  a short time. Corporate housing ranges in sizes
  and very often accommodate the employees family,
  as well.

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• For more details, please visit
• kansascitycorporatehousing.com/corporate-housing-k
  ansas-city

844-816-1218 info_at_kansascitycorporatehousing.com T
wo Pershing Square 2300 S. Main Suite
900-A Kansas City, MO 64108