Ever wondered, what is corporate housing like and why do they do it? Where does a business get off acting like a college dorm?
Well, it doesn’t really work like that. And in the following article, we’re going to explore why companies choose to go that route and how they benefit from it. Let’s get started!
When Businesses Will Use Corporate Housing
Not every business will benefit from corporate housing. Particularly those businesses that don’t require much traveling of their employees. But the larger or more mobile a company gets, the more likely it’ll be advantageous.
There are many reasons why a business might consider it. Here are some of the most common.
Training Assignments
It’s not always possible to get top-line training at headquarters. Sending your employees to specialized training in other locations might necessitate corporate housing.
Visiting Speakers
Companies that like to bring in outside experts to speak with their employees may want to make a strong impression on the speaker and save money in the process. When that happens, housing them in a corporate location may be the best option.
Executive Housing
Executives may work in a different location from headquarters. Giving them a place to stay that feels like home could very well be a priority for the company since their top-level talent invests so much of their time and energy into making the company all it can be.
Now that we know when companies are likely to use corporate housing, let’s talk about the advantages. There are several, starting with:
1. More Control
With corporate housing environments, you have the final say on things like the choice of floor plans, which amenities you will offer, the types of furnishings you will provide, and how closely it will be located to the office. This is an exciting benefit of investing in housing property to the advantage of your people.
2. Better Pricing
Corporate executive housing rentals or purchases often come with bigger savings down the home stretch. That’s because you can get better rates, whether renting or owning the location.
3. Flexible Terms
Using executive housing strategies like this offers you more flexible terms for payment. You can pay by the week or month or as-needed.
If you need help locating the right property, sites like lanewayhousingrental.com can work on both sides of the transaction for tenant placement. Consider trying one out.
4. Happier Employees
The perk of getting to stay in executive corporate housing often means a happier employee. That’s because this type of housing is more likely to offer the comforts of home, such as a washer and dryer.
It’s also more likely to go beyond the perks of cheaper budget hotels. A happier employee means an employee who is likely to make the company more successful.
5. Tax Relief
Whether owning or renting the property, there are definite tax advantages to establishing a corporate housing location. You’ll definitely wish to confer with an expert on tax law before taking deductions to figure out the best way of handling it. But no matter how you cut it, you’ll end up paying fewer taxes as a result of corporate housing.
Learning What Is Corporate Housing Offers a Benefit for Everyone
When you learn the truth of what is corporate housing, it’s easy to see why more businesses are going to it as they grow in size. As you consider whether it’s right for you, check out some more of our business posts to see other ways you can benefit.
