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Corporate Housing 101 - A Quick Guide

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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? Find out more at: – PowerPoint PPT presentation

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Title: Corporate Housing 101 - A Quick Guide


1
Corporate Housing 101 - A Quick Guide
2
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?

3
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.

4
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.

5
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.

6
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?

7
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.

8
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.

9
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.

10
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.

11
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.

12
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.

13
  • 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
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