As a research analyst and thought-leader in real estate consulting services, I’ve had a number of people raise questions on corporate housing and whether it’s a better choice for short-term or long-term housing compared to extended stay hotels. Extended stay travelers always want to know the value of corporate housing, the costs and also the benefits. Answering the above questions requires us to take into consideration several factors. St. Louis, home to the world’s tallest man-made monument, the Gateway Arch serves also as a hub for corporate housing apartments and it has several great options for furnished apartments ranging from one to three bedroom apartment rentals, houses, sublets, and rooms. But first, let’s have a general overview of what corporate housing in St. Louis looks like.
Corporate Housing, what is it?
The name itself springs up from the fact that companies use fully furnished apartments to house their employees for long durations to cut costs of hotel bills. It began as a housing alternative for employees of companies. Business travelers have been the main users the service but the dynamics are changing, the sector has expanded and so has its market base. The service has mushroomed to include students, interns, travel nurses, medical researchers, consultants, contracted programmers, construction crew members, auditors, vacationers among many others. The service can be used by basically anyone traveling to another city for any type of business. Corporate housing is, therefore, any fully furnished available for rent for short-term or long-term stays.
How much do Corporate Housing costs?
According to the Corporate Housing Providers Association, the 2017 corporate housing industry report indicates that corporate housing in the United States was an average $150 a day. The report further indicates that the demand has increased steadily and relocation was the main reason for using extended stay apartments followed by project or training purposes. Anyone interested in additional comprehensive statistics can visit this link (https://www.chpaonline.org/index.php?src=gendocs&ref=KnowledgeCenter). A one-bedroom apartment in St. Louis starts at $99 a day, a two-bedroom apartment starts at around $129 per day, offering a range of amenities such as outdoor spa, in-building parking, billiard rooms, lounge area and beautifully furnished living areas
Another key point to note on matters cost is that it depends on various factors such as location, duration, size and many others. One should expect to pay more for a one-bedroom than a studio or a three bed-room than a one-bedroom and interestingly as the duration of stay increases the price decreases. Location is a core determinant of price and I would advise anyone on a low budget to opt for locations in the suburbs or downtown as opposed to locations in the heart of the city. When opting for a location one should be careful and consider factors such as security, commuting choices, and availability of malls, grocery stores or restaurants.
Should one consider Corporate Housing in St. Louis?
For a stay of 30 days or more I highly recommend corporate housing since it is less expensive, providers are lenient with pets, flexible, and much comfortable and offer a wide range of amenities and features as compared to hotels.