Corporate Housing 101 - A Quick Guide

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Corporate Housing 101 - A Quick Guide
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Synopsis

1. What is Corporate Housing?
2. Corporate Housing - Tips For Employees
3. Tips for Employers to Find the Perfect Corporate
   Housing
4. What are the Advantages and Disadvantages of
   Corporate Housing?
5. Is Corporate Housing Right for Me?

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What is Corporate Housing?

• What is corporate housing?
• Corporate housing is something that lets you stay
  in a certain location for an extended period of
  time when you need it. Its basically another
  word for short term rental. Corporate housing is
  fully furnished housing available for rent on a
  temporary basis. Other words you may hear instead
  of corporate housing are executive apartments,
  temporary housing or short-term housing. People
  stay in corporate housing between two and three
  months, which is longer than your average
  business trip. Corporate housing may set minimum
  periods, for example 30 days. Corporate housing
  often uses apartments. They may even use detached
  or single-family homes, depending on whether
  these are available or not. Corporate housing
  refers not just to the space being rented but
  also includes services.
• Who uses it?
• The main users of corporate housing are business
  people, people who travel for work. However,
  corporate housing has recently gained interest
  from people in search of medium-term
  accommodations, those who do not travel for work
  purposes. As well as these people, Government
  employees on extended assignments often use
  corporate housing. It is also increasingly
  popular for relocating employees, particularly
  corporate executives. These employees might be
  trying to find out if the neighborhood is a good
  one, and if its not then there is no contract to
  break. With Corporate housing there is no
  pressure to buy or rent.

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What is Corporate Housing?

• Other people that use corporate housing include
  healthcare (medical researchers and nurses who
  travel), Energy (oil and gas workers),
  Entertainment (stage and circus performers and
  film crews), Government, Military, Technology,
  Finance and banking (auditors), Manufacturing,
  Construction and Professional services. In
  addition to this, interns are becoming interested
  in corporate housing which means they can pay one
  outright fee that takes care of all their needs
  such as utilities and furniture.
• How much does it cost?
• Corporate housing is usually worked out monthly
  but the typical daily spend is 150 dollars,
  according to the Corporate Housing Providers
  Association. There are options to suit every
  budget however, with many choices available. The
  range is somewhere between 70 dollars to 200
  dollars a night, depending on many different
  factors such as size and location. You can expect
  to pay 200 dollars a night in places like New
  York, and 70 dollars per night in places like
  Nashville. The upper end of the price range, you
  will see rentals that are similar to luxurious
  homes, and the lower end of the scale you will
  see spaces similar to hotel rooms with
  kitchenettes.
• The total for corporate housing also covers
  services such as utilities, furniture, bedding
  and kitchenware so users dont need to worry
  about extra costs. Remember that the person
  doesnt always pay for the corporate housing, the
  company often picks up the bill.

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Corporate Housing - Tips For Employees

• You should always see the apartment first. Better
  to know what you are getting into than get a
  nasty surprise on the day of moving.
• Notify property managers of specific requests
  regarding furniture or cable. They will need to
  know these requests so they can make the
  necessary changes.
• Its unlikely that your employer has done this so
  make sure your cable and internet are up to date.
  Is there a wireless router? Is it high-speed? Is
  it a good package?
• Look for amenities. Make sure the accommodation
  comes with premium amenities like a pool, fitness
  centre, parking, garage and housekeeping.
• Tour the apartment first to make sure it feels
  like home. Is it comfortable? Do you feel cosy?
• If you are in charge of the budget then make sure
  you get to see a number of different apartments
  for your money. They should present a range of
  pricing options in order to accommodate you.

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Corporate Housing - Tips For Employees

• Make sure your property manager shows you
  different properties because you might be
  bringing your dog with you, or you may have young
  children, you may be planning to host business
  meetings in your furnished apartment. You have
  many different needs.
• Ensure that your housing provider is
  knowledgeable about the area you are considering.
  They should be able to tell you where all the
  important things are located for example, fruit
  and veg shops, restaurants, theatres and shopping
  centers. Additionally, you may also need to know
  where the post office, police station and fire
  station are situated.
• The housing provider should also be able to
  inform you about the community. They should be
  able to tell you about local events, average
  noise level and traffic level. This way you are
  fully warned before you sign into anything.
• Asking questions before you sign anything is
  paramount. Is there high-speed internet? Can my
  dog stay here? Is there housekeeping? Are
  cleaning services available? All of these
  questions will show you are on the ball and will
  not be taken for an idiot.
• Have a plan for your belongings. You must be
  thinking what am I going to do with my things?
  Many corporate housing options are fully
  furnished and dont require you to bring anything
  with you. Youll have to make sure you have a
  good storage space for all your things. A plan
  like this is better to have early on and then
  youll fell more organized.
• Dont forget your pets. Not every short term
  rental allows pets so the more questions you ask
  the better. You may find a place with
  restrictions on pets so you will need to find out
  what these restrictions are. Maybe its related
  to height and breeding. Does your pet fit into
  that category?

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Tips for Employers to Find the Perfect Corporate
Housing

• Look for a popular location. If you can find an
  apartment close to the place of work that would
  be a big advantage to both the employee and
  employer.
• Make sure that apartments are furnished. See the
  apartment in person to guarantee you will be
  receiving the right furniture for your situation.
• Look for all inclusive payments where you can pay
  for utilities and rent at the same time. This
  will make things much easier for your employee
  and make them happy, which will pay off for you
  in the long-run.
• Search for flexible lease options. Property
  managers should provide short-term and long-term
  options, from months to years. Knowing that you
  might pay a premium fee for leases shorter than
  three months will stand you in good stead.
• Find a good owner. Doing your research online
  will help extinguish any potential problems with
  owners of the corporate housing. Websites like
  Yelp are reliable and trustworthy. You can even
  go further than a digital search. Pick up the
  phone or meet in person. This will give you a
  feel for how helpful they will be with potential
  future issues.

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Tips for Employers to Find the Perfect Corporate
Housing

• Ensure that the apartment is ready to move into.
  Make sure that things like the electric, gas and
  cable are all up and running. You wouldnt want
  to move into somewhere that wasnt clean or
  didnt have light.
• Is the provider knowledgeable about the area?
  Make sure that this is the case. They should be
  able to direct you to all the places youll need.
  For example, fruit and veg shops, restaurants,
  theatres and shopping centers. In addition to
  this you will need to find the local post office,
  police and fire station.
• Take all costs into account. When budgeting,
  dont just focus on the monthly rent. There are
  things like parking, utilities and general
  repairs to take into consideration. When
  searching be sure to ask about things like these
  so you know what the monthly price will actually
  be. You need to know how much it is going to cost
  in the end before you sign anything.
• Use a broker. Working with an apartment broker is
  always a good idea. They will be able to tell you
  what sorts of accommodation is available in the
  area and they will be able to break down your
  best choices by rate, location, and amenities.
• Expect a variety of packages. The property
  manager should provide you with different
  packages which vary in price depending on the
  amenities and services offered.

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What are the Advantages and Disadvantages of
Corporate Housing?

• Advantages
• Inexpensive. Corporate housing is cheaper than a
  hotel because it includes all of the services
  such as utilities, kitchenware, furniture and
  bedding. In a hotel you can rack up a very
  expensive bill, but not with corporate housing.
• Homely. Because you are spending quite a bit of
  time away from home you will need a space that
  fits your needs and feels like home. An apartment
  means you will get all the space you need and
  more. They are definitely bigger than hotels.
• Washing and drying bills. In corporate housing
  there are washers and dryer utilities included in
  the rental whereas in hotels you have to go
  looking for a laundromat which will soon add up.
• Full kitchen. If you are eating out every night
  that can be very expensive as well as unhealthy.
  Corporate housing includes all kitchen aspects
  including fridges, microwaves, ovens and places
  to store your food. You can do this every night
  instead of eating out.
• Proximity to work. Corporate housing provides
  apartments that are just a stones throw away from
  your place of work. This will mean your spending
  on gas will be greatly reduced. If you stay in a
  hotel it may be in the city centre and your job
  might be outside of town.
• Maid service. Hotels provide maid service but so
  does corporate housing. They include someone to
  come in and clean your apartment, take out the
  trash and change the bedding if necessary.

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What are the Advantages and Disadvantages of
Corporate Housing?

• Options. Corporate housing can come in the form
  of high-rises, condo, apartments, private homes
  as well as many more. This makes budgeting much
  easier and you can easily choose what you want
  for your money.
• Disadvantages
• Preference. In most cases, employees prefer using
  hotels to corporate accommodation. They prefer
  eating out to cooking for themselves, except for
  repeated and prolonged travel situations. Hotels
  are viewed as more convenient and having more
  amenities.
• Housing issues. Corporate housing may stir up
  issues between employer and employee such as loud
  music, damage to the apartment etc. This wouldnt
  happen with hotels as those situations are
  usually resolved with hotel management and dont
  include the involvement of the employer.
• Termination dilemma. Who is entitled to
  possession of the unit when the contract between
  employer and employee is terminated? The employee
  may have signed a lease that suggests that the
  apartment belongs to them after they no longer
  have a job, which could cause a problem for the
  company who wants to keep the space free and
  available for new employees.
• Tax issues. For the corporate housing unit to
  avoid a hotel tax, property managers should
  require either the employee or company to sign a
  30-day lease.

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Is Corporate Housing Right for Me?

• A temporary rental can give you more time to look
  for the right home, which can be challenging to
  do across the globe. You have a lot of things to
  think about and much to research in the area.
• Because a lot of professionals are renting out
  their homes, you can move your family into a real
  home instead of some cold apartment box.
• Corporate clients are the best clients you could
  ask for. They are clean, well-behaved and always
  pay their rent on time. Running into bad tenants
  is not something you will have to come across.
• Are you staying somewhere for longer than a
  month? If so, then corporate housing is most
  likely the best option for you. It is the least
  expensive option as well as being the most
  customizable.
• Any stay in an area of more than one month is a
  good reason to rent a fully furnished short term
  rental. Examples include business travel,
  education reasons, government travel, disaster
  relief, relocation and home improvement.

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Is Corporate Housing Right for Me?

• Are you a busy professional? If so, short term
  rentals or corporate housing accommodation has
  housekeeping and laundry services in place to
  take care of all your cleaning needs so you dont
  have to.
• Do you have children or pets? Most corporate
  housing options allow children and small pets.
  They make sure the apartments are suitable for
  both and everyone feels comfortable.
• Do you like to feel cosy? Corporate housing
  offers comfortable and customized apartments that
  include furniture, cable, internet, TV and fully
  fitted and equipped kitchens.
• One of the biggest complaints of business people
  who travel is that they cant seem to eat well
  and that they gain weight from eating out all the
  time. However, with corporate housing youll be
  able to go to the shops, come home and cook for
  yourself.
• Due to these apartments being leased on a longer
  term basis than extended hotel stays, they are
  usually handled through property managers. These
  people handle the complexities of leasing and
  maintaining the property so that you dont have
  to.
• If your company sends its employees on business
  trips that last for several weeks or even months
  then you should really consider corporate housing
  over traditional hotels or extended stay hotels.
  This means you will have access to laundry
  services, housekeeping, cable, internet, TV,
  fully fitted and equipped kitchens, fruit and veg
  shops nearby as well as other services you may
  need in the area.

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• For more details, please visit
• https//www.stlch.com/corporate-housing

314-800-5773
info_at_stlch.com
100 Chesterfield Business Pkwy. Suite 200B St.
Louis, MO 63005