The Benefits of Corporate Housing vs. Standard Lets – what you need to know
The Benefits of Corporate Housing vs. Standard Lets – what you need to know14th March 2023
What does corporate housing mean?
Corporate housing is a form of temporary accommodation commonly used by business travellers and corporations, often with a globally mobile workforce. Ideal for extended stays, corporate housing rentals are fully furnished apartments either in a dedicated apartment building or an apart-hotel. Professional providers own and manage the units and the nightly (or daily) rate is inclusive of all utility costs, furniture and appliances.
Not to be confused with homestays…
Unlike alternatives such as homestays, corporate housing rentals are the most safe and secure accommodation option on the market. With detailed health and safety protocols, security measures and information protection processes, temporary serviced accommodation adheres to strict guidelines. These guidelines ensure the well-being of all guests and the fulfilment of corporate social responsibility programmes. Corporate housing is not only the most sustainable and cost-effective housing choice, but the most reliable.
SilverDoor's online property management system, Orbital One, features 75 health and safety-related fields for property partners to fill out. We require our partners to check this information every 30 days to ensure it is correct and up to date.
What is a standard let?
Standard lets, however, are leased rentals for which a guest would sign a typical tenancy agreement. Contractual apartment lets are subject to the usual viewing, application and reference requirements and procedures of letting and thus are often bound by non-negotiable terms. A key difference between corporate housing and standard lets is that, while standard lets can be a logical choice for corporates on extended business trips for a year or longer, the latter usually represent a longer-term commitment, rarely suiting the needs of business travellers for stays of less than twelve months.
What are the benefits of corporate housing over standard lets?
Corporate housing affords more financial flexibility
Corporate housing generally involves a significantly reduced financial commitment compared with standard lets. Removing the chargeable administration services associated with standard lets such as application fees, tenancy fees and management inflation results in an all-inclusive nightly rate with zero hidden costs. Local taxes, utility bills, housekeeping and maintenance fees are all included in corporate housing rentals as standard, and there is no holding fee or deposit involved with booking a furnished apartment.
Another major comparison between corporate housing and standard rentals is that corporate housing affords financial flexibility. Negotiable booking terms, coupled with flexible cancellation policies, mitigate guests’ financial liability – especially in cases of early departure or booking amendments. In contrast to standard lets that bind guests for lengthy minimum terms and charge hefty penalties for breach of contract, booking a stay in corporate housing is a prudent choice without compromising on security.
Increased convenience is a major advantage of corporate housing
Signing for a standard let can be a time-consuming and, at times, stressful process. Bidding against other applicants for a single apartment after weeks of searching for a suitable option within budget, providing references, waiting for contracts and keys all before even beginning to furnish the space. Corporate housing rentals come fully furnished and can be booked in a day – the hard work is done for you, all the guest needs to do is pack their suitcase and get settled in.
The difference between corporate housing and standard lets is clear. With a global pre-approved, pre-vetted portfolio of corporate housing options to choose from, corporates and travel managers can tailor each enquiry to suit specific requirements and leave the booking to the agent. SilverDoor account managers are able to filter portfolio searches based on over 100 different criteria to ensure apartments are chosen bespoke for each booking and for each set of guest requirements. Specify whether you need a pet-friendly apartment, a flexible cancellation policy or an electrical vehicle charging point on site, and there will be a suitable apartment for your enquiry.
Guest well-being and safety is paramount
Corporate housing is a complete accommodation solution. A fully realised product that start-to-finish fulfils client demands and streamlines the fragmented process of securing a standard let. The heavily vetted corporate housing supply chain guarantees the reliability of the provider and the consistent quality of the product to maximise guest satisfaction. Comparatively between corporate housing and standard rentals, it is serviced accommodation that provides a fully furnished, bespoke space including everything the guest may need throughout their stay. Furthermore, booking corporate housing through SilverDoor provides a host of additional advantages and quality-of-life benefits.
Leave the hard work to the booking agent
From enquiry to check out, enlisting the services of a specialist agency removes any potential stress throughout the booking process. With 24-hour support from industry experts with the capability to accommodate all requirements and facilitate any request, an agent such as SilverDoor will pre-empt and navigate any issues that may arise and negate any barriers to a successful stay.
An agent also has authority within the sector, guaranteeing the consistent quality of accommodation, be that through recommended accreditations, universal safety features and a trusted network of providers across the globe to provide a consistent, premium experience.
Providing a home-from-home experience for business travellers and relocating assignees, corporate housing is an accommodation solution designed to offer similar independence and flexibility to standard lets without as many contractual commitments. With more space, privacy and flexibility, corporate housing rentals are tailored to the specific needs of professionals. As the serviced accommodation sector continues to grow, it is no surprise that major corporations are beginning to restructure their travel programmes to more commonly feature serviced apartments.