When you’re navigating a transfer to a new location or working on a temporary assignment out of state, you will be in need of specific housing accommodations. You may not be in the area long enough to warrant renting an apartment, but you will need more than a simple hotel stay. In these situations, you need to start considering the different options and solutions for your housing situation. The most common alternatives would be extended-stay hotels and corporate housing.
Although hotels are abundant and easy to find, they are not a good choice for most long-term needs. Regular rooms are too small to comfortably stay in for an extended period, and extended-stay suites can become quite expensive over time. This is where dedicated corporate housing is a more affordable and satisfying option. However, there are many price differences within corporate housing, and identifying those differences is a vital step in finding the best corporate housing rates.
One factor that is often overlooked when looking for a corporate housing solution is what type of ownership the housing has. Direct rental from the owner of the property functions quite differently from leasing through a third party, such as Corporate Housing Associates.
In general, individual owners set their rates once and do not deviate from those rates from year to year regardless of fluctuations in demand or other changes to the market and economy. In fact, over the past two years, 64 percent of corporate housing owners have maintained the same rates. If a private owner does change his or her rates, the figure will almost certainly go up to meet a rising demand for housing.
Third party agencies do not have these same limitations. Because they own more properties, they can afford to take some risks with pricing. This flexibility allows them to offer very affordable rates and customizable solutions that will meet the needs of the renter. In general, third party agencies base their rates on the unit’s amenities and location, so finding a good fit and a good value will often go hand-in-hand.
Whether you’re looking into your own corporate housing solution or searching for living arrangements for an employee, it pays to do some research when looking for the best possible deal for your relocation or travel situations.