No matter the type of multifamily you own, from luxury units to Class B multifamily, you’ve likely heard the term “corporate housing” or “temporary housing.” This refers to fully furnished and fully serviced temporary housing units available for short-lease terms. A few years ago, we saw this trend take the industry by storm, with employees on out-of-town business topping the list of reasons for high demand. Since then, its popularity has only risen. Corporate housing is now considered a viable option for many renters, including millennials and Generation Z looking to hold off on buying a home, empty nesters, seasonal travelers and expatriates, military and government personnel, and many more.
From 2014 to 2018 alone, corporate housing experienced a 12% combined annual growth rate from $64 billion to $101 billion, in comparison to the 3% hotels experienced in the same timeframe. With growth like this, many apartment owners are eager to expand as major players for corporate relocations—resulting in healthy competition within this market. However, in today’s climate owners are wise to take a deeper look at the trend to not only reap success but enhance its value for renters, major employers, and the general community.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.