Houston’s robust and increasingly diversified economy draws more and more people to the city each year, making housing tough to find. For people new to the area, corporate housing may be the answer, offering fully furnished apartments in Houston for recent transplants.
Corporate housing provides a rented, furnished dwelling to customers, typically for longer than 30 days. Men and women serving in the military often take advantage of corporate housing, as do employees of big companies who relocate every one to three years. Some companies even rent corporate housing for their new employees to provide them with a quick way to settle living arrangements and get on board.
There are about 61,000 corporate housing units in the U.S., and the average stay is about 96 nights. Relocation is the main reason units are rented, with projects and training being the second most popular reason. The occupancy rate for corporate housing units is around 89 percent.
Here in Houston, there is a big demand for corporate housing as the local economy rebounds from a drop in oil prices. Houston is coming back from this setback, and the increasing diversification of the local economy is also contributing to growth. Hiring is picking up— Houston has added about 26,000 jobs in the first half of 2017—and the influx of new workers to Houston is putting a demand on the local housing market.
Corporate housing can take a lot of the stress out of relocating to Space City, and Corporate Retreats International is a leader in offering corporate suites in Houston.
|Houston’s Top 20 Employers|
|Memorial Hermann Health System||24,108|
|Univ. of Texas MD Anderson Cancer Center||21,086|
|Shell Oil Co.||11,507|
|Exxon Mobil Corp.||11,000|
|Texas Children’s Hospital||10,992|
|Harris Health System||9,174|
|National Oilwell Varco||8,960|
|UT Health Science Center at Houston||8,220|
|The Home Depot||7,880|
Why Corporate Housing?
Corporate housing provides a better solution for the short-to-mid term housing needs of recent transplants to the Houston area for a variety of reasons.
- Cost – Corporate housing tends to be less expensive than staying in a hotel for individuals staying in a location more than a week. In 2017, the average daily rate for a corporate housing unit was $150. At Corporate Retreats International, the average daily rate for a one-bedroom unit is just $87. This figure is lower than the average daily rate of upscale hotels that offer amenities similar to those offered by furnished corporate housing. Companies seeking to provide their employees with a comfortable environment to live in while adjusting to a new community or while working on a temporary assignment can save money by renting corporate housing instead of paying for an extended stay hotel.
- Avoid making a rushed housing decision – Employees transferring to a new city may often feel rushed to find a place to live. This can often lead to them getting stuck in a lease for an apartment they hate or renting or buying a house they don’t need or can’t afford. Choosing corporate housing gives men and women new to an area time to better scout out their housing options. Corporate Retreats International has corporate suites in Houston located in attractive neighborhoods throughout the city, allowing you to reside in a safe, comfortable area while finding the perfect place for a permanent home.
By spending a few months in corporate housing, new transplants can explore Houston and find places that fit their individual needs and lifestyle. Parents can look for good schools. Arts and cultural enthusiasts can find the perfect bohemian enclave. Commuters can find a convenient spot for traveling to and from work.
- Great amenities – Corporate housing offers many amenities that rented homes and apartments don’t. Many corporate housing facilities offer maid service at a bargain price. They also often offer on-site maintenance personnel, a fitness center, a business center, poolside barbecue grills, controlled access, and more. Corporate housing staff can also help new transplants get acclimated to their new city, offering advice on where to eat and where to find important services.
- Kitchen space – Employees who spend a lot of time traveling often tire of eating fast food or restaurant food and would like to do their own cooking. It’s less expensive and it’s often healthier than eating out. Individuals who stay in hotels don’t always have the option of cooking, as many hotel rooms don’t come equipped with kitchens. Corporate housing facilities offer kitchens complete with stoves, ovens, microwaves, and refrigerators to guests, allowing them to pursue their culinary interests.
- Flexible terms – Employees on temporary assignment for a project or training don’t always know exactly how long they’ll be in their new city. Corporate housing is often much more flexible than apartment or housing rentals. Leasing contracts are often for shorter terms, and daily rates are available from some corporate housing companies. Corporate housing companies understand the needs of temporary residents and new transplants and strive to make their accommodations responsive to these needs.
- Pet-friendly – Finding a new home on short notice is challenging, but it’s even more challenging if you have a pet. Individuals with pets often struggle to find housing that will accept their companions and, even when they do, they often end up paying an exorbitant price. Corporate housing companies often offer pet-friendly accommodations and do not exact as stiff a price for these facilities as do apartments and hotels.
- Upgrades – Residents of corporate housing can easily upgrade their quarters if their space needs change during their stay. Many corporate housing providers, including Corporate Retreats International, offer their guests the opportunity to move to a larger or smaller residence. Corporate Retreats International will pro-rate rent between the two apartments, unlike other facilities that may try to get the maximum price from their guests.
- No hauling furniture – Dreading moving your old computer desk across the country? Corporate housing facilities are furnished, meaning that you don’t have to haul a trailer full of your old college furniture across the country. Corporate housing has comfortable, modern furniture you’ll enjoy. If you do have some pieces you can’t live without, many corporate housing facilities offer storage units where you can keep your favorite furniture until you find a permanent home.
- Focus on your work – Getting acclimated to a new job or new workplace can take up a lot of your concentration. You want to make a strong impression during your first weeks on the job. Having to worry about finding a place to live, moving your furniture, and other housing issues can leave you exhausted and unfocused, affecting your job performance. By residing in corporate housing, you can make your transition less demanding and stressful, allowing you to give 100 percent to your work.
Corporate Housing Industry
The corporate housing industry makes a big, if unnoticed, contribution to local economies around the country. Fortune 500 companies alone transfer more than 244,000 employees each year. When you consider the number of military personnel and other corporate personnel being transferred, it’s easy to see the large demand for corporate housing. The Corporate Housing Providers Association estimates the corporate housing industry had revenue of around $2.73 billion in 2014.
Corporate Retreats International provides corporate housing, including executive apartments, in Houston. Corporate Retreats International can help individuals in need of quick, hassle-free accommodation find an upscale residence in the Houston Museum District, the Texas Medical Center, Highland Village, downtown Houston, and other fashionable parts of Houston.