Corporate housing can be confusing because not all corporate housing is the same. In fact, there are three main types of corporate housing:
(1) Serviced Apartments
While these three types overlap, they also serve very specific needs. Let me explain.
If you are an HR director and are relocating a group of 20 executives from New York to Denverand you need 20 one-bedroom properties that all look the same and in the same location, you need to go to a corporate housing provider that offers Serviced Apartments. These type of corporate housing companies take apartments, furnish then, turn on the cable, phone and Internet and sublet the property for the term needed by the renter.
If you are a Senior VP from a large financial institution and you need to be invoiced and professionally taken care of – and you’re looking for an urban 2,000 square foot loft in the trendy area of town – your best bet is to rent through a company that offers Managed Corporate Housing. These types are companies are licensed real estate brokerages that manage privately owned, fully-furnished properties throughout high demand business areas.
If you are a family relocating to a new city and want to be in suburban home in a specific school district, your best bet is to rent a home directly from the property owner (By Owner) because corporate housing companies generally trend to maintain properties in higher density areas.
Now these are some HUGE generalizations and there are lots of reasons the tenants I have referenced above may choose one kind of corporate housing over another. In today’s world where every detail of a property can be accessed by everyone over the Internet, everyone is looking everywhere for the perfect property at the perfect price.
The great news is there are lots of options and you just need to decide what is best for you.
Renting directly from a property owner normally gets you a better price with broader property styles and location. On the other hand, working with a professional property management company might be better for someone who prefers the security, professionalism and service provided by a professional entity with 24 hour emergency services.
The key to deciding what is right for you is asking a lot of questions to learn about each property and company.
My companies are all members of CHPA – Corporate Housing Providers Association – which adheres to a code of ethics and has a formal program for processing complaints about providers. A membership like this gives a company a certain level of credibility above a company that chooses not to be a member of their industry’s trade organization.