A corporate unit, also referred to as a corporate apartment or corporate housing, is a furnished apartment or condo that companies temporarily rent. Renting a corporate apartment is generally much less expensive than paying for a hotel room if the person staying in the corporate apartment will be there for an extended period of time.
There is a lot of overlap between the services and amenities offered at corporate apartments and extended stay hotels.
So, how does a corporate apartment match compare to an extended hotel stay in terms of convenience and amenities?
Pros of a Corporate Apartment
- Washer and dryers are usually in-unit, or at the very least, onsite. Even the most upscale extended stay hotels don't offer in-unit washer and dryers, though both can usually be found onsite.
- You get to decide how to decorate the apartment. Do you need 1 bed and a pullout sofa? Is one couch enough seating room for guests?
- Plenty of options in the city as well as the suburbs. You get to decide which option is best for the needs of your guests, and you won't have any difficulty finding units in either type of location.
- Variety of parking. Most corporate units give residents access to garage parking, as well as on-street parking. Some may even have designated parking spaces.
Cons of a Corporate Apartment
- Groceries and food are not included. The company or the apartment's guests will need to purchase groceries. While some grocery shopping services may be available, they are usually not free.
- No front desk reception or concierge service. If someone staying at the apartment is unfamiliar with the city or needs help getting around, it may be difficult for them to do so without front desk and concierge services.
- No valet service. You'll have access to plenty of parking and usually a parking garage, but valet parking is rarely provided at corporate apartments.
- Minimum stay duration enforced. Most corporate apartments require that the minimum stay duration be 30 days. Any less than that, and you're better off selecting an extended stay hotel.
If you or your company is looking to find a place for people to stay under a month (or 30 days), an extended stay hotel will be more cost-effective than renting a corporate apartment.
A corporate apartment will provide a more comfortable, home-like space for guests to relax in, but it's not the best fit for short periods of time.
You will, however, be able to find a lot more corporate apartment units scattered throughout cities and suburbs than you would extended stay hotels. Again, this is a plus if guests will be using the apartment as a home base and will need to be going back and force between the apartment and an office. You can find a corporate apartment as close to your office as possible.
If you rent a corporate apartment, there will always be a place for guests to stay. If you don't think you'll get much use out of renting a corporate apartment throughout the year (maybe because too few people would be staying in it), then opt for an extended stay hotel when you need to find a place for someone to stay.