What do you call what we do?
This year CHPA (Corporate Housing Providers Association) turns 20 years old but they started at NIHN (National Interim Housing Network) then they became AIHP (Association of Interim Housing Providers) before they settled on CHPA.
If you have been reading my blogs over the years you will know the I believe Corporate Housing should be a “lodging choice” and is part of the larger Extended Stay Lodging segment. I like the professionalism that Corporate Housing denotes, however there are lots of personal reasons people rent corporate housing every day. At the core we are fully furnished monthly residential rentals and I believe the terminology will continue to evolve.
The following is what we learned about corporate housing terminology from the last Annual CHBO Surve, Kimberly.
Corporate Housing Terminology
The Lodging Segment = Extended Stay
Generally, the term, “extended stay,” is the larger lodging category name for housing options that offer sleeping and living facilities. Think of these options as a spectrum of choices that meet people’s specific housing needs. The extended stay lodging segment includes:
- Extended stay hotels (averaging less than 7 days per stay)
- Full-service apartments (averaging 80 days per stay)
- Managed corporate housing (averaging 100 days per stay)
- Independent corporate housing (with 62% of stays in 2015 lasting three months or longer)
The Product = Corporate Housing
According to survey results, 81% of respondents say they list their rentals as “corporate housing.” This is an all-time high.
The second most popular term is “furnished rentals”.
25% of respondents say they refer to their properties as “vacation rentals,” down from 29% in 2013. We believe this is a continuing trend resulting from the increased regulation and taxation of the less-than-30-day, vacation rental lodging segment.
Other responses: This survey question also allowed for open responses. There’s a continued trend to refer to rentals as executive rentals, extended stay executive housing and executive residences. Additional terms include: long term rental home, turnkey furnished, interim housing, corporate executive fully furnished, “like Airbnb” and executive lease.
Learn more Corporate Housing Real Estate Trends.