Corporate Housing 101 - A Quick Guide

1. Corporate Housing 101 - A Quick Guide

2. Synopsis • What is Corporate Housing? • Corporate Housing - Tips For Employees • Tips for Employers to Find the Perfect Corporate Housing • What are the Advantages and Disadvantages of Corporate Housing? • Is Corporate Housing Right for Me?

3. What is Corporate Housing? • What is corporate housing? • Corporate housing is something that lets you stay in a certain location for an extended period of time when you need it. It’s basically another word for short term rental. Corporate housing is fully furnished housing available for rent on a temporary basis. Other words you may hear instead of corporate housing are; executive apartments, temporary housing or short-term housing. People stay in corporate housing between two and three months, which is longer than your average business trip. Corporate housing may set minimum periods, for example 30 days. Corporate housing often uses apartments. They may even use detached or single-family homes, depending on whether these are available or not. Corporate housing refers not just to the space being rented but also includes services. • Who uses it? • The main users of corporate housing are business people, people who travel for work. However, corporate housing has recently gained interest from people in search of medium-term accommodations, those who do not travel for work purposes. As well as these people, Government employees on extended assignments often use corporate housing. It is also increasingly popular for relocating employees, particularly corporate executives. These employees might be trying to find out if the neighborhood is a good one, and if it’s not then there is no contract to break. With Corporate housing there is no pressure to buy or rent.

4. What is Corporate Housing? • Other people that use corporate housing include: healthcare (medical researchers and nurses who travel), Energy (oil and gas workers), Entertainment (stage and circus performers and film crews), Government, Military, Technology, Finance and banking (auditors), Manufacturing, Construction and Professional services. In addition to this, interns are becoming interested in corporate housing which means they can pay one outright fee that takes care of all their needs such as utilities and furniture. • How much does it cost? • Corporate housing is usually worked out monthly but the typical daily spend is 150 dollars, according to the Corporate Housing Providers Association. There are options to suit every budget however, with many choices available. The range is somewhere between 70 dollars to 200 dollars a night, depending on many different factors such as size and location. You can expect to pay 200 dollars a night in places like New York, and 70 dollars per night in places like Nashville. The upper end of the price range, you will see rentals that are similar to luxurious homes, and the lower end of the scale you will see spaces similar to hotel rooms with kitchenettes. • The total for corporate housing also covers services such as utilities, furniture, bedding and kitchenware so users don’t need to worry about extra costs. Remember that the person doesn’t always pay for the corporate housing, the company often picks up the bill.

5. Corporate Housing - Tips For Employees • You should always see the apartment first. Better to know what you are getting into than get a nasty surprise on the day of moving. • Notify property managers of specific requests regarding furniture or cable. They will need to know these requests so they can make the necessary changes. • It’s unlikely that your employer has done this so make sure your cable and internet are up to date. Is there a wireless router? Is it high-speed? Is it a good package? • Look for amenities. Make sure the accommodation comes with premium amenities like a pool, fitness centre, parking, garage and housekeeping. • Tour the apartment first to make sure it feels like home. Is it comfortable? Do you feel cosy? • If you are in charge of the budget then make sure you get to see a number of different apartments for your money. They should present a range of pricing options in order to accommodate you.

6. Corporate Housing - Tips For Employees • Make sure your property manager shows you different properties because you might be bringing your dog with you, or you may have young children, you may be planning to host business meetings in your furnished apartment. You have many different needs. • Ensure that your housing provider is knowledgeable about the area you are considering. They should be able to tell you where all the important things are located for example, fruit and veg shops, restaurants, theatres and shopping centers. Additionally, you may also need to know where the post office, police station and fire station are situated. • The housing provider should also be able to inform you about the community. They should be able to tell you about local events, average noise level and traffic level. This way you are fully warned before you sign into anything. • Asking questions before you sign anything is paramount. Is there high-speed internet? Can my dog stay here? Is there housekeeping? Are cleaning services available? All of these questions will show you are on the ball and will not be taken for an idiot. • Have a plan for your belongings. You must be thinking what am I going to do with my things? Many corporate housing options are fully furnished and don’t require you to bring anything with you. You’ll have to make sure you have a good storage space for all your things. A plan like this is better to have early on and then you’ll fell more organized. • Don’t forget your pets. Not every short term rental allows pets so the more questions you ask the better. You may find a place with restrictions on pets so you will need to find out what these restrictions are. Maybe it’s related to height and breeding. Does your pet fit into that category?

7. Tips for Employers to Find the Perfect Corporate Housing • Look for a popular location. If you can find an apartment close to the place of work that would be a big advantage to both the employee and employer. • Make sure that apartments are furnished. See the apartment in person to guarantee you will be receiving the right furniture for your situation. • Look for all inclusive payments where you can pay for utilities and rent at the same time. This will make things much easier for your employee and make them happy, which will pay off for you in the long-run. • Search for flexible lease options. Property managers should provide short-term and long-term options, from months to years. Knowing that you might pay a premium fee for leases shorter than three months will stand you in good stead. • Find a good owner. Doing your research online will help extinguish any potential problems with owners of the corporate housing. Websites like Yelp are reliable and trustworthy. You can even go further than a digital search. Pick up the phone or meet in person. This will give you a feel for how helpful they will be with potential future issues.

8. Tips for Employers to Find the Perfect Corporate Housing • Ensure that the apartment is ready to move into. Make sure that things like the electric, gas and cable are all up and running. You wouldn’t want to move into somewhere that wasn’t clean or didn’t have light. • Is the provider knowledgeable about the area? Make sure that this is the case. They should be able to direct you to all the places you’ll need. For example, fruit and veg shops, restaurants, theatres and shopping centers. In addition to this you will need to find the local post office, police and fire station. • Take all costs into account. When budgeting, don’t just focus on the monthly rent. There are things like parking, utilities and general repairs to take into consideration. When searching be sure to ask about things like these so you know what the monthly price will actually be. You need to know how much it is going to cost in the end before you sign anything. • Use a broker. Working with an apartment broker is always a good idea. They will be able to tell you what sorts of accommodation is available in the area and they will be able to break down your best choices by rate, location, and amenities. • Expect a variety of packages. The property manager should provide you with different packages which vary in price depending on the amenities and services offered.

9. What are the Advantages and Disadvantages of Corporate Housing? • Advantages • Inexpensive. Corporate housing is cheaper than a hotel because it includes all of the services such as utilities, kitchenware, furniture and bedding. In a hotel you can rack up a very expensive bill, but not with corporate housing. • Homely. Because you are spending quite a bit of time away from home you will need a space that fits your needs and feels like home. An apartment means you will get all the space you need and more. They are definitely bigger than hotels. • Washing and drying bills. In corporate housing there are washers and dryer utilities included in the rental whereas in hotels you have to go looking for a laundromat which will soon add up. • Full kitchen. If you are eating out every night that can be very expensive as well as unhealthy. Corporate housing includes all kitchen aspects including fridges, microwaves, ovens and places to store your food. You can do this every night instead of eating out. • Proximity to work. Corporate housing provides apartments that are just a stones throw away from your place of work. This will mean your spending on gas will be greatly reduced. If you stay in a hotel it may be in the city centre and your job might be outside of town. • Maid service. Hotels provide maid service but so does corporate housing. They include someone to come in and clean your apartment, take out the trash and change the bedding if necessary.

10. What are the Advantages and Disadvantages of Corporate Housing? • Options. Corporate housing can come in the form of high-rises, condo, apartments, private homes as well as many more. This makes budgeting much easier and you can easily choose what you want for your money. • Disadvantages • Preference. In most cases, employees prefer using hotels to corporate accommodation. They prefer eating out to cooking for themselves, except for repeated and prolonged travel situations. Hotels are viewed as more convenient and having more amenities. • Housing issues. Corporate housing may stir up issues between employer and employee such as loud music, damage to the apartment etc. This wouldn’t happen with hotels as those situations are usually resolved with hotel management and don’t include the involvement of the employer. • Termination dilemma. Who is entitled to possession of the unit when the contract between employer and employee is terminated? The employee may have signed a lease that suggests that the apartment belongs to them after they no longer have a job, which could cause a problem for the company who wants to keep the space free and available for new employees. • Tax issues. For the corporate housing unit to avoid a hotel tax, property managers should require either the employee or company to sign a 30-day lease.

11. Is Corporate Housing Right for Me? • A temporary rental can give you more time to look for the right home, which can be challenging to do across the globe. You have a lot of things to think about and much to research in the area. • Because a lot of professionals are renting out their homes, you can move your family into a real home instead of some cold apartment box. • Corporate clients are the best clients you could ask for. They are clean, well-behaved and always pay their rent on time. Running into bad tenants is not something you will have to come across. • Are you staying somewhere for longer than a month? If so, then corporate housing is most likely the best option for you. It is the least expensive option as well as being the most customizable. • Any stay in an area of more than one month is a good reason to rent a fully furnished short term rental. Examples include: business travel, education reasons, government travel, disaster relief, relocation and home improvement.

12. Is Corporate Housing Right for Me? • Are you a busy professional? If so, short term rentals or corporate housing accommodation has housekeeping and laundry services in place to take care of all your cleaning needs so you don’t have to. • Do you have children or pets? Most corporate housing options allow children and small pets. They make sure the apartments are suitable for both and everyone feels comfortable. • Do you like to feel cosy? Corporate housing offers comfortable and customized apartments that include furniture, cable, internet, TV and fully fitted and equipped kitchens. • One of the biggest complaints of business people who travel is that they can’t seem to eat well and that they gain weight from eating out all the time. However, with corporate housing you’ll be able to go to the shops, come home and cook for yourself. • Due to these apartments being leased on a longer term basis than extended hotel stays, they are usually handled through property managers. These people handle the complexities of leasing and maintaining the property so that you don’t have to. • If your company sends its employees on business trips that last for several weeks or even months then you should really consider corporate housing over traditional hotels or extended stay hotels. This means you will have access to laundry services, housekeeping, cable, internet, TV, fully fitted and equipped kitchens, fruit and veg shops nearby as well as other services you may need in the area.

13. For more details, please visit: https://www.stlch.com/corporate-housing 314-800-5773 info@stlch.com 100 Chesterfield Business Pkwy. Suite 200B St. Louis, MO 63005