January 18, 2023
As the business world continues to evolve and expand, corporate housing has become an increasingly profitable venture. Corporate housing provides temporary housing for employees on business trips or relocations, offering an attractive alternative to traditional hotels and long-term rentals.
So, what makes corporate housing so profitable? There are several factors that contribute to its lucrative business opportunities and success.
Corporate housing is a critical ‘product’ in the extended-stay lodging segment. As an industry, one needs to understand that corporate housing is no longer just for traditional business travellers but serves as an attractive option for many families and individuals seeking long-term housing.
It provides a cost-effective option for businesses. Corporate housing is often much more affordable than traditional hotels and long-term leases. It is generally less expensive than hotel rooms, and when combined with the savings in time and energy, can be a great value for businesses. This cost-effectiveness offers employees more space and privacy than a hotel room and is especially beneficial for employees who need to stay for extended periods of time to feel more at home. Corporate housing saves money on their lodging and travel expenses, which can ultimately be reinvested into other areas of their business.
Furthermore, corporate housing is often much more convenient than traditional housing options. Corporate housing provides a turn-key solution for businesses meaning that all the necessary amenities are fully equipped -high-speed internet, laundry facilities, and even pet-friendly accommodations. An advantage of corporate housing is that it can be tailored to the needs of the individuals or employees regardless of their travel requirements. This allows them to focus on their core operations, rather than wasting time and energy on mundane tasks like housekeeping and maintenance.
The industry is seeing more savvy homeowners turning their homes into an investment and taking the time to ‘test drive’ their new fraternity before they decide to invest in a new home. They are earning real income on the property and offsetting the financial burden and stress involved with today’s home selling and relocation process.
Additionally, corporate housing offers flexibility to businesses. Companies can choose the type of housing they need ranging from fully furnished apartments to luxury homes. This flexibility caters to customise renters housing solutions to fit their specific needs. Corporate housing is much easier to arrange than other types of housing. The company or providers have the resources and expertise to arrange housing quickly and easily for the individuals or employees.
Finally, corporate housing is incredibly profitable due to its flexibility and cost efficiency. It allows businesses to save on costs such as furniture, utilities, and maintenance, while still providing comfortable and short-term living options for their renters or employees. With the rising demand for corporate housing, it is clear that this type of housing is not only profitable, but also a great option for businesses and their renters.