A corporate apartment is a fully furnished, turn-key rental unit companies provide for employees who need temporary housing, often for business trips, relocations, or extended stays.
It is perhaps the most unique form of rental housing.
Not unlike furnished apartments, these apartments typically have all the necessary amenities, including a kitchen, laundry facilities, and sometimes even housekeeping services. They are not exclusive to business travelers.
Many corporate apartments include perks such as an on-site gym, resident lounge, business center, and a washer and dryer on-site or in the unit.
Corporate apartments are also suitable for employees experiencing training or transition/relocation, as well as people who have been displaced by disaster or require long-term medical care.
Because they’re designed for people who will live in the units—as opposed to vacation spaces, where the occupants are expected to be out exploring most of the time—corporate housing offers a “homey” atmosphere that is both inviting and functional.
Other Names for Corporate Housing
Corporate housing listings can be confusing since they have several different terms. Corporate housing may also be referred to as:
- Short-term rentals
- Furnished apartments
- Temporary apartments
- Extended-stay apartments
- Temporary furnished rentals
- Short-term stays
- Executive suites
- Serviced apartments
Corporate Housing Within an Apartment Community
Corporate housing options are available in apartment communities in large cities and sometimes the suburbs. In these situations, the corporate housing tenant will have access to some (or all) of the community’s amenities, including swimming pools, fitness centers, laundry, lounges, and outdoor spaces.
Advantages of Living in a Corporate Apartment
- Cost-Effectiveness: Corporate apartments usually have lower nightly rates than hotels, especially for longer stays. This can lead to significant savings. Corporate housing costs vary depending on location, type of rental, size of the rental, and amenities included. They are priced by the week or month, but the average cost is roughly $150 daily.
- Spacious Living: They offer more space than a studio apartment or a typical hotel room (which averages 325 square feet) and often include separate living, dining, and sleeping areas, making the stay more comfortable.
- Fully Furnished Convenience: These apartments come fully equipped with furniture, kitchen appliances, and other essentials, making it easy to settle in quickly.
- Privacy and Security: Located in secure residential areas, they provide safety and privacy, crucial for business travelers.
- Flexibility in Length of Stay: They offer flexible lease options, accommodating both short-term and long-term stays, which benefits those with uncertain schedules.
Disadvantages of Living in a Corporate Apartment
- Limited Availability: Depending on the location and demand, finding a suitable corporate apartment can sometimes be challenging.
- Less Personalized Service: Unlike hotels, corporate apartments might not offer the same level of personalized service, such as room service or concierge.
- Lease Terms: Some corporate apartments may have strict lease terms or policies that are less flexible than desired. Shorter lease terms tend to be more expensive than longer stays, and rent can increase more often than long-term leases.
- Initial Setup: While fully furnished, utilities or internet services might still need to be set up, which can be inconvenient.
The Typical Corporate Housing Renter
Because corporate apartments are turnkey and rented under short-term agreements, they’re perfect for house hunters who either haven’t found the “right place” yet or want to check out the neighborhood before signing a long-term lease.
Applying for a Corporate Apartment
The resident’s company most often assigns these apartments based on its agreement with the housing provider.
For more on how to find the right place to live for your needs, visit our Renters Blog.