No matter what types of apartments you’re looking at – short-term rental or long-term lease – there are pros and cons for them all. And corporate housing isn’t exempt from those pros and cons.
Pros of corporate apartments
Flexible: Corporate housing is more flexible than traditional apartments, offering short-term leases ranging from day-to-day, weekly, to monthly. If you’re only going to be in an area for two weeks, this can be a great choice.
More cost-effective: Compared to long-term vacation rentals, extended stay hotels, or renting an apartment for longer than you need to stay, corporate apartments can be a more cost-effective decision. And if you’re moving to an area or in-between residences, you don’t have to factor in moving costs, purchasing furniture, and more.
Move-in ready: No matter your situation, you won’t have to worry about furnishing one of these apartments. You’ll have all the comforts of home, from a full kitchen to a furnished bedroom and living area.
Centrally located: Many corporate apartment communities are located in the city center, business districts, or popular neighborhoods. This can be especially nice if you’re renting an apartment for work-related travel or just checking out a city before deciding to relocate.
Cons of corporate apartments
Apartments of all kinds have their downsides, even short-term rentals. So let’s look at some of the cons of corporate housing options.
More expensive: Because these apartments are fully furnished and have all the amenities, they’re probably going to be more expensive than standard apartments. However, if you’re looking for short-term rentals that aren’t extended-stay hotels, then this probably isn’t too much of a negative.
Options for short-term leases: Depending on your reason for staying in corporate housing, this may not be an issue. However, if you are unsure how long you’re going to be in a city or if you need to extend your lease, this may not be an option. Chances are, another tenant is leasing the unit after you move out. These units are seen as temporary housing, so you may not be able to extend your lease if you have to stay longer.
Recurring moving costs: If you move around a lot, or are testing out renting in different city neighborhoods, renting corporate apartments, or even fully furnished apartments, the costs can add up quickly.
Signing a lease sight-unseen: In most cases, you’ll be signing your lease sight-unseen so that the unit is yours before you arrive at your destination. While similar to booking a hotel room, you may only have an idea of what the space looks like from online photos, 3d tours, or possibly a video tour with the leasing agent or landlord. Make sure you ask questions to avoid potential rental scams before signing the lease.
