Let’s face it: Hotels just don’t feel like home. If you’re moving to Atlanta for contract work or need short-term housing before deciding on which neighborhood to call home, corporate housing may just be the answer to eliminate the hassle of a hotel.
What is corporate housing? Corporate housing offers a full-service staff to help you select a fully furnished rental home or apartment, with most having a range of amenities to make it more like home.
Although mostly utilized by business travelers, this trend has begun to change and the industry has seen more couples and families take advantage of this service during relocation. According to a report on CorporateHousing.com, 40 percent of people surveyed cited relocation as their reason for choosing corporate housing. For the past six years, relocation has been the biggest driver of corporate housing usage in the U.S., followed by a business project or training, government/military reasons, insurance/emergency needs and internships.
Corporate housing allows people to try out their potential new neighborhood without having to rush to sell their old house or buy a new one. According to CorporateHousing.com, the average stay in corporate housing is two to three months — clearly longer than a typical business trip, but not long enough for an apartment lease. In 2016, the industry average was 86 nights, a decrease from the all-time high in 2014 at 96 nights, according to a report by the Corporate Housing Providers Association.
Why choose corporate housing? Corporate housing has many benefits, not only for business travelers, but for any person who wants to explore a new city for an extended period of time without committing to a lease or mortgage. The accommodations can be selected to suit your needs and are often more private than a hotel, typically in more residential areas, and often offer more amenities, like a full kitchen, community pool and fitness rooms.
Even with these extras, corporate housing is often less expensive than paying for a long-term stay at a hotel. The average daily rate for corporate housing in the U.S. was $150 in 2016, according to the CHPA, which notes this rate is the highest in recent history. In 2016, corporate housing revenues increased 10.2 percent, driving up corporate housing inventory with the current estimate at 66,863 units throughout the country, according to the report.