Websters

• Corporate Housing
• Corporate Lodging
• Corporate Apartments
• Corporate Rentals
• Corporate Apartment
• Corporate Housing Alexandria VA
• Corporate Housing Arlington VA
• Corporate Housing Washington D.C.
• Corporate Housing Jacksonville FL
• Short Term Housing

The corporate housing industry is the business of renting fully furnished apartments to persons who need relatively short-term housing, typically 30-120 days. Often these temporary accommodations are supplied by employers for relocating employees or employees on a temporary assignment away from home. Sometimes, individuals will book directly with a short term residential housing company for extended travel lodging. In the case of natural disasters where homes are badly damaged or destroyed, insurers will also often provide corporate housing for displaced families. Altogether, the corporate housing business has been good and growing, even in a market that has been difficult for many others in the lodging and real estate industries.

Just how good has business been? Each year, the Corporate Housing Providers Association (CHPA) releases a detailed report of the state of the business. The most recent edition, Corporate Housing Industry Report -2008, tells the complete story. According to the report which details data gathered for the 2007 calendar year, 2007 marks the second consecutive year in which revenue for the corporate housing sector grew by double digit percentages. In fact, revenue was up more than 20% over 2006 totals. The business racked up an incredible $2.95 billion dollars in total for the year, making 2007 the best year ever for providers of corporate housing.

Although the number of residential apartments can vary from month to month, or even from day to day in some cases, 2007 saw an average inventory of just under 78,000 units in the United States. That’s an increase of 1.4% over 2006. The CHPA report expects similar inventory growth in 2008. Despite the growing inventory, furnished corporate apartments experienced an occupancy rate of over 90% for the year.

In a press release discussing the annual report, CHPA president Ned Scharpf, stated that "Corporate Housing’s growth out-paced that of other lodging segments in 2007, including increases in the average daily rate and demand." Indeed the average daily rate grew by 11.5% in 2007. Even so, when considering that corporate housing is fully furnished and includes most, if not all, utilities costs built into the daily rate, the average daily price of $116 per night is very reasonable, especially when you factor in the fact that most corporate housing is located in busy metropolitan communities. When calculating the additional savings that come from allowing the resident a fully working kitchen with stove and refrigerator instead of relying on restaurants and room service, corporate housing rates become even more attractive.

2008 numbers, when they come out, are expected to show that the business remained on its upward trends during the most recent year. Even 2009 is expected to get off to a great start, especially for Washington, DC residential and corporate housing during January of 2009, with the big influx of people expected for the presidential inauguration festivities. With all the doom and gloom projections facing much of the lodging and real estate markets for the coming year, it’s good to know that there’s at least one shining star in the sector.