Discover the cost-saving benefits and added comforts of corporate housing for extended business trips, and why it might be a better choice than hotels for your employees.

Early in my career, I loved the occasional business trip. While the travel could be hectic and sometimes aggravating, getting face-to-face time with our clients was always a rewarding experience. It helped build camaraderie and strengthen our partnerships. Plus, who doesn’t enjoy a good room service meal in their pajamas with full control over the remote after a long day of presentations and meetings?

As my career advanced, those occasional trips became more frequent and, perhaps because of that, less appealing. Sometimes, they involved 3-4 week stays as my company transitioned to a new headquarters location, and I was needed for special project work. While a comfortable hotel room can feel luxurious for a few nights, it’s not long before you start to crave the comforts of home. Corporate housing options can deliver many of these creature comforts during an extended stay, while also offering significant cost savings to the business.

In a recent study conducted in partnership with our sister company, Weichert Workforce Mobility, we compared the cost of extended hotel stays (30+ days) with that of corporate housing. We found that in the most popular cities for business travel, there were savings of between 5% and 29% (11% on average) with corporate housing rates, exclusive of taxes and fees which can apply to both. Depending on where your business takes your employees, the savings over the course of a year can be significant.

For a 30-day stay in New York City, a corporate housing solution (1 bedroom/1 bathroom furnished apartment) can yield cost savings of almost 30% in comparison to a single occupancy hotel room!

While cost is a consideration for most companies these days, there are many additional advantages to using furnished corporate housing for extended stays, including:

  • Corporate housing units typically include cooking facilities, allowing guests greater dining options, convenience, and self-sufficiency.
  • Corporate housing guests are typically vetted and/or sponsored by an employer, as opposed to the itinerant nature of hotel guests. This naturally translates to better guest security and reduces the likelihood of criminal activity in these locations.
  • Corporate apartments (studios notwithstanding) are typically larger than conventional hotel rooms and include furnishings more common in a permanent home.
  • Unlike hotel room rates, which fluctuate daily based on seasons and market conditions, corporate apartment rates tend to be more stable, helping control costs and support effective budgeting.
  • While most states have closed the lodging tax loophole, there are still some areas where tax rates are lower for long-term lodging booked at 31 days or longer.

Given that so many of today’s employers are looking for cost-effective ways to curate great employee experiences, it’s well worth exploring corporate housing options for your extended business travelers. And when you do, Weichert Corporate Housing can help!

For additional information please contact Marian Sauers 973-898-8634 / msauers@weichertch.com