If your company asks you to move temporarily to a new branch in another state or to work with international colleagues on a long-term project, we may be able to help you find a place to live there. Hmm.
They may simply book a hotel room, but your employer may also provide accommodations called corporate housing.
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“In some cases, company housing may be provided if employees are expected to travel to their place of work on a regular basis but maintain their residence in their home jurisdiction.” explains the realtor. Monisha Lana“Overall, companies that offer corporate housing are more likely to relocate their employees, either temporarily or permanently, because the impact on their personal lives is minimal.”
What is company housing?
Corporate housing is an individual’s temporary living environment, whether it be an apartment, home, or even an extended stay hotel. They usually have more space than a standard hotel room and may include additional living areas such as a kitchen or dining area.
Corporate housing almost always has all the appliances, linens, gadgets, and other amenities you need to live comfortably for weeks or months at a time.
Some properties are marketed specifically as corporate housing. However, you can also book corporate housing through real estate rental sites such as Airbnb and Vrbo.
Who uses company housing?
Companies often rely on corporate housing when sending employees to new locations for long-term work projects or permanent relocations. However, corporate housing can also be reserved for oneself, such as when an individual moves to a new city and wants to get to know the different neighborhoods first before buying a home or signing a long-term lease.
“Corporate housing is primarily for corporate employees who need to work elsewhere for a short period of time or as an intermediate stage of relocation,” it said. Marie Bromberg, a New York City real estate agent. “This is a cost-effective way for companies to provide temporary housing.”
What is the cost of company housing?
Housing costs vary by location. Units in high demand areas tend to be more expensive, while units in rural areas and areas with low traffic can be more affordable. Overall, corporate housing options are more affordable than hotels It tends to be the price.
Additionally, when a company sends you to another location for a work project, they usually pay for your accommodation while you are there. However, if you are self-employed or staying in company housing for personal reasons, you will likely be paying for it yourself.
Either way, it’s useful to research and compare prices to know which accommodation makes the most sense from a budget standpoint.
What are the benefits of corporate housing?
Company housing is more comfortable than a hotel. They generally have more space, a kitchen for preparing meals, and a separate living area for watching TV. For long-term stays, you can add character to your room as you like.
“Company housing allows employees to create a home environment away from their physical home while they work in another city,” says the real estate broker. Michal Gartenberg“Employees don’t check in and check out of a hotel, they actually move in and add a touch of décor to the apartment, making it feel more homely and less barren than a hotel.”
For companies, corporate housing can be a positive perk to offer to employees who may not choose to work far from home. In a broader sense, it also helps companies reach their goals.
“Employers can enable cross-collaboration across different sections of the company and across countries,” says Bromberg. “It allows for an intellectual exchange of ideas that is often attractive to those who view the company as an employer.”
What are the disadvantages of company housing?
There are many hotels to choose from, but you may be more limited when it comes to the selection of corporate housing options available. In addition, there may be cases where there is no company housing in the area you want and you have to commute every day.
“In some situations, it may not be in the city center,” says Bromberg. “For example, in New York City, you often see company housing in Jersey City.”
Another unavoidable drawback is that no matter how comfortable you feel in company housing, you are not at home. And if you choose to travel back and forth between your home and company housing, you may end up experiencing some degree of “travel fatigue,” says Gartenberg.
“Settings like this usually involve going home for the weekend, and people end up wanting to be home,” says Gartenberg. “When the novelty of a new city wears off, the back-and-forth is tiring.”