Not all corporate housing is created equal. Let’s discuss…
Let’s say you’re family is moving from Cleveland to Minneapolis. You need a home with four bedrooms, a yard for the family dog and a neighborhood with good schools. Is a small downtown apartment building the right place for you?
Now let’s say your Atlanta-based consulting firm just got a gig in San Francisco for six months and 10 single consultants need to temporarily reside in San Francisco during that time. Are residential houses spread out through the city a good housing choice for them?
It’s clear that these two scenarios require very different kinds of temporary housing. Let’s explore the two types of housing available:
Serviced Apartments: Service companies rent individual apartments. They then furnish and equip those apartments and turnaround to rent them out as furnished apartments. A close relative of serviced apartments are “apartment companies,” which own or manage large apartment complexes. Inside the apartment communities they furnish a group of rentals and market them as corporate housing. A company in need of many corporate apartments in one place would benefit from this type of housing.
Managed Housing: Managed corporate housing is where real estate property management companies manage properties that are individually owned and furnished by homeowners and/or real estate investors. An executive with a family that is relocated to a new city would likely enjoy living in a home and neighborhood setting vs corporate apartments.
As you can see, not all corporate housing is the same, so it’s important to know and understand your options and decide wisely!