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. 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 Edit
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 Edit
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 estate 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.
Industry accreditation Edit
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.
See also Edit
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