Corporate Housing: The next best niche
in the Real Estate Industry.
Not a new business, it has been around for over 20 years.
Recently, it has surged to the forefront of the travel industry, thanks to the explosion of vacation rentals. Now, due to unanticipated growth in the Colorado Springs area, Corporate Housing is in huge demand. Why? It offers a welcome and comfortable home-away-from-home experience for those who need a longer stay.
What is Corporate Housing?
Is it Different Than a Vacation Rental?
Corporate Housing provides fully furnished apartments or housing
available to rent on a short-term basis of typically 30 days or more.
It differs from other types of rentals in that Corporate Housing caters to business
travelers on company contracts, traveling nurses on assignments of
3 months or longer, home buyers/sellers, and insurance companies.
Properties are usually located downtown or in residential neighborhoods.
They are typically well managed and presented primarily for business travelers.
Unlike vacation rentals, which draw primarily vacationing clients or those requiring
very short stays, Corporate Housing offers temporary but homey
accommodations for stays of thirty days or more.
Main Differences
What really sets Corporate Housing apart from vacation rentals is the
guaranteed 24-hour management. The level of professionalism,
fulfilled expectations, and service are one of a kind.
What kind of service can a client expect?
It is like having your own management team work for you around the clock.
From the moment you arrive and through the course of your stay,
a professional staff/service provider will give immediate
attention to any needs or emergencies that arise.
At first glance, Corporate Housing may seem a more expensive option.
However, your one price includes utilities, and no additional fees accrue.
Prices stay constant throughout the various travel seasons. Hotels and
Vacation Rentals, on the other hand, take advantage
of the peak seasons by increasing their rates.
Example: Dublin Place Corporate Housing, a corporate
executive suite, runs $2,400.00 a month or $80.00 a night.
A studio at Residence Inn Colorado Springs runs $3,742.00 a month or $120.00 a night.
Other Advantages
Corporate housing differs from hotels in that it comes fully furnished
and is stocked with supplies to give it that home-away-from-home feel.
Some even come with fireplaces, washers, and dryers. With
such comforts of home, the level of privacy, and extra square
footage, the real value of Corporate Housing becomes apparent.
One advantage many clients especially appreciate is the fully stocked
kitchen in Corporate housing. Not only does this provide the ability to create
home-cooked meals, it saves a lot of money because you’re not eating out.
You can come straight “home” from work, change into something comfortable,
and you don’t need to worry about going back out in order to get a pricey meal.
How to Find Corporate Housing — Where to Stay
You can look on CHBO, Oakwood Corporate Housing, Premier Furnished
Housing, or by searching specifically for Corporate Housing by state.
Many smaller companies offer amazing and more personalized services to
their clients compared to more prominent Corporate Housing Corporations.
You can find them by typing ‘Corporate Housing’ and
the name of the city or state you are researching.
Where to Look
For Instance, if I need lodging services in Oklahoma, I would type in
‘Corporate Housing’ or ‘Furnished Housing’ in Oklahoma.
At the top, you will see the paid ads, but scroll down just a bit
while looking at the Google recommendations to see
the businesses with the MOST and BEST reviews.
Reviews Are Business Bread And Butter
A lot of people overlook reviews and settle for the most affordable price, not the best price.
Reviews are great. It’s like getting the inside scoop without being there.
You can see what previous clients liked or didn’t like and if it aligns with
your expectations as a traveler. Reviews should never be overlooked.