CHPA, or the Corporate Housing Providers Association is the international trade organization for the multi billion dollar industry of corporate housing or more simply temporary living. Recently CHPA asked several corporate housing providers to clarify common questions of corporate housing guests. We thought this was great information for both corporate housing providers and tenants to know. The following excerpts have been approved for re-print by CHPA.
Question 2: Temporary Living
Why does availability change from day to day for Temporary Living / Corporate Housing?
Availability fluctuations seem mysterious in the corporate housing world; however, the answer is simple. While there are many options when it comes to hotel choices, availability at apartment communities is at an all-time low across the country. Available inventory is often difficult to locate and once an apartment has been returned to the community, it might not be available to rent again. These communities are looking for long-term renters, so a returned apartment is often immediately re-leased.
“Units are only offered once the guest gives a formal notice to depart. These notices are received on a daily basis, making those apartments available to the next renter,” says Jeff Mahoney, Vice President of Global Business Development for Weichert Corporate Housing. “It is important to make a timely decision when an apartment is offered, or the apartment may be rented to another guest.”
If you have more questions about temporary living and corporate housing you can always visit CHBO’s FAQ Page.