Corporate housing
Encyclopedia
Corporate housing is a term in the travel industry meaning renting out a furnished apartment, condo or house on a temporary basis to individuals, military
personnel or corporations as an alternative to a traditional hotel or an extended hotel stay. According to Corporate Housing Providers Association (CHPA), the industry's trade
organization, corporate housing revenue was 2.36 billion in 2009 and 2.47 in 2010. The corporate housing industry has been a significant growth segment of the lodging industry for the past 20 years.
available on the island
, in addition to an increased demand for furnished apartments, has not only allowed the local corporate housing industry to expand, but also to become more efficient. The quality of the product available, offered by reputable companies in New York City
, rivals the quality of the product available at some high-end hotels. In New York City, there is a minimum required stay of thirty consecutive nights for those that would like to lease a furnished apartment.
In other parts of the world, corporate housing has also experienced a rapid expansion.
Current news about the corporate housing industry and business trends can be found here:
http://www.chpaonline.org
Military
A military is an organization authorized by its greater society to use lethal force, usually including use of weapons, in defending its country by combating actual or perceived threats. The military may have additional functions of use to its greater society, such as advancing a political agenda e.g...
personnel or corporations as an alternative to a traditional hotel or an extended hotel stay. According to Corporate Housing Providers Association (CHPA), the industry's trade
Trade
Trade is the transfer of ownership of goods and services from one person or entity to another. Trade is sometimes loosely called commerce or financial transaction or barter. A network that allows trade is called a market. The original form of trade was barter, the direct exchange of goods and...
organization, corporate housing revenue was 2.36 billion in 2009 and 2.47 in 2010. The corporate housing industry has been a significant growth segment of the lodging industry for the past 20 years.
Local vs. national corporate housing companies
Most corporate housing companies have a flexible number of apartment units they manage in the city they reside. These apartment units are furnished and the corporate housing companies rotate clients in and out of the furnished apartments and clean them between guests. Local corporate housing providers can be found by doing an internet search for the city in which you need temporary housing and the words "corporate housing". National corporate housing companies provides corporate housing services in more than their local city. National corporate housing providers are very helpful in managing military or corporate contracts or housing inventories which involve housing occupants in more than one city.More on local markets
In cities such as New York the corporate housing industry has expanded exponentially. This tremendous growth has allowed a few entrepreneurs to become strong key players within the local market. The limited real estateReal estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
available on the island
Island
An island or isle is any piece of sub-continental land that is surrounded by water. Very small islands such as emergent land features on atolls can be called islets, cays or keys. An island in a river or lake may be called an eyot , or holm...
, in addition to an increased demand for furnished apartments, has not only allowed the local corporate housing industry to expand, but also to become more efficient. The quality of the product available, offered by reputable companies in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, rivals the quality of the product available at some high-end hotels. In New York City, there is a minimum required stay of thirty consecutive nights for those that would like to lease a furnished apartment.
In other parts of the world, corporate housing has also experienced a rapid expansion.
Corporate Housing For Government Workers
A growing market for corporate housing is for government workers. This includes military personnel, federal workers, and government contractors.Industry accreditation
The Corporate Housing Providers Association has created the first industry accreditation for the corporate housing industry. The designation of CCHP (Certified Corporate Housing Professional) establishes clear, objective standards for measuring an employees knowledge of the corporate housing profession. The designation reflects a professionals dedication to the highest standards in the corporate housing industry and gives clients the assurance they will receive professional and courteous service from trained, highly knowledgeable and skilled professionals.Current news about the corporate housing industry and business trends can be found here:
http://www.chpaonline.org