Corporate housing is apartment-style rental housing provided by companies for their employees. It can be short-term or long-term and is often used for employees working long hours or on temporary projects in remote locations. It provides convenience and is written off as a business expense.
Corporate housing for executives is typically apartment-style rental housing paid for by a company for the use of its employees. The apartment is often furnished and equipped so that the employee has the convenience of a hotel without the commercial feel. A company’s stock of corporate housing can be short-term rentals arranged for a specific project or long-term rentals that are made available to executives on an ongoing basis.
Large companies often require employees to work long hours to achieve company goals. Professional companies, for example, may have specific projects throughout the year that require extraordinary staff effort to meet deadlines. In these cases, it is sometimes more efficient to reduce the time it takes for an employee to travel home and vice versa if their presence will be required again in a short space of time or if they need to stay close in case it is necessary. Companies maintain corporate housing near their headquarters to allow employees to sleep and prepare for the next work shift without having to go home.
Some companies maintain executive quarters at their main offices for use by senior executives. This way, the choice to work late and spend the night in company lodgings doesn’t have to be tied to a specific deadline. The company’s apartments are provided for convenience, much like home care or meals for employees who work after hours. These conveniences are written off by the company as business expenses.
The other regular use of corporate executive housing is for temporary projects that require substantial work in remote locations. For example, a major law firm that is defending a class action lawsuit in a state where the firm lacks regular offices may secure corporate housing for its attorneys and support staff rather than putting them in hotels. This type of litigation typically takes months to resolve, and corporate housing is often less expensive than using a hotel for a stay longer than two weeks. Additionally, employees often prefer accommodations with kitchens and some other permanent residence features for extended stays away from home that aren’t offered by regular hotels.
Another common example of the use of corporate executive housing for temporary projects occurs during audit season. Major accounting firms send teams of auditors to client offices which can be located anywhere in the world. These teams work tirelessly to meet deadlines and complete the project. The company often arranges corporate housing for the team’s use on a rotating basis so that work can literally go on around the clock. Audits can take weeks or more, and apartments tend to be preferred over hotel accommodations due to convenience and expense.
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