The Rise of the Corporate Housing Provider
A change in attitude
Corporate housing is coming into its own; companies, leisure and business travellers alike are seeing the attraction of serviced apartments when compared with long-term hotel stays. So what has caused this change in attitude over recent years? Many businesses readily acknowledge that corporate housing is both more reasonably priced than hotels (considering the length of stays are on average 30 days+) and provide more comfortable and luxurious surroundings for their staff.
A growing need
Instances of employers putting up weary employees in transient hotels are on the decline. Instead, the experience of a serviced apartment gives the occupant a home-away-from-home that invites increased productivity and motivation. Travel for business purposes has steadily increased. Businesses have used corporate housing more frequently because their global influence and scope has expanded along with international accessibility – business needs have bolstered corporate housing growth.
According to 2018 statistics for corporate housing (produced by CHPA), for the seventh successive year a key reason for using corporate housing has been the relocation of staff. Instead of the added complexity of finding and renting a property, businesses have opted for the simpler approach of corporate housing to fulfil these needs. The beauty of corporate housing is the ability for tenants to have long-term stays, which include all costs, maintenance and needs cared for by the service provider.
Training and Projects
The second most popular reason for staying in corporate housing is training and project purposes. These events are not necessarily short-term but may cover two or more weeks; in such circumstances corporate housing provides the best value for money without compromising on quality. Tenants have no additional stresses apart from their business responsibilities with agreed levels of corporate housing services available in advance. Additionally, over the past few years the number of independent corporate housing companies has been on the rise, creating competition, supply and demand as well as jobs…
Corporate Housing Recruitment
In future, more serviced apartments will be booked through agents, travel management companies and self-booking apps; thus, creating more jobs in the corporate housing market via independent booking agencies. The growth of the corporate housing sector in major cities around the world has triggered a hunger to join this flourishing trade; the industry has grown 23.7% over two years, with over 1 million serviced apartments already available. This rapid expansion therefore presents a need for staff to accommodate the continued evolution of the industry.
Joining the industry
Given the unwavering enlargement of the corporate housing market, professionals are not only keen to experience a stay in a serviced apartment for themselves; Alchemy has also noted an increase in the volume of candidates expressing an interest in joining this industry from other specialisms. Many are moving across from estate agency and lettings as well as relocation and destination services, keen to capitalise on the rapid increase in business opportunities that corporate housing continues to present. Corporate housing is on the rise!
Written by Grace Elvin - Administrative Intern at Alchemy Recruitment Ltd.