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As one of the largest corporate housing providers in the Midwest, with hundreds of apartments in 15 cities, we here at ExecuStay Midwest are often asked, “How much does a corporate apartment cost?” It makes perfect sense why customers would ask this. Of course, they want to know how much it will cost for them to stay in a corporate housing apartment and what they get for the price.
The honest answer is it depends! Prices for corporate apartments typically range between $70 and $200 per night, but these costs can vary wildly depending on a broad range of factors, including some you may never have considered.
We’ve outlined the top 6 contributors to the price of a corporate housing unit so you know exactly what you’re paying for with your temporary furnished apartment.
Just like traditional house hunting, apartment real estate is all about one thing. Location. Location. Location.
When corporate housing companies partner with apartment communities, they often pay similar prices to those offered to individual renters. These prices can skyrocket in prime real estate locations closer to downtown and upscale neighborhoods.
For example, a stay at AMLI Downtown in the heart of Austin, TX will cost about $240 per night for a 30+ night stay, but an extended stay at Riata in the north part of town only costs $150 per night for the same period of time. Downtown Austin offers some of the most incredible dining, shopping, and nightlife in the city, giving AMLI Downtown residents walking access to Austin’s most in-demand spots.
Riata, on the other hand, is located in a more quiet area of town that is enjoyed by those looking to avoid the hustle of downtown living. Despite offering similar sized apartments and still being located just minutes from all that Austin has to offer, a unit at Riata can be nearly 40% cheaper per night than you’ll find at AMLI Downtown or any corporate apartments in the heart of Austin, TX.
These rent increases make downtown apartments more expensive for corporate housing providers to lease, raising the price you’re quoted for your extended stay.
Prices vary from city to city, as well. Areas that have a higher cost of living charge higher rents to corporate housing providers, forcing providers to charge more for their units. Searching for the cost of living in the area you plan on staying in is a good indicator of how the price of an extended stay furnished apartment will look for you.
Using a Cost of Living Calculator can help you get a good idea of what’s in store for you in your new city.
Many serviced apartment providers offer units in a variety of locations to provide more cost-friendly options to clients looking to save some money.
Less costly locations tend to be further from the center of town but have their own perks! Less traffic, serene environments, and more square footage accompany those who are willing to stay a little further from the heart of the city.
Riata Apartments – Austin, TX
Because corporate housing providers partner with luxury apartment communities, they are charged more for the exceptional facilities clients enjoy during their extended stay in the provider’s furnished apartment. This, in turn, results in corporate apartment clients paying a higher price for temporary housing units with the best amenities. These amenities help corporate housing clients relax in their temporary community and enjoy everything their home-away-from-home has to offer.
Amenities commonly found in corporate housing partner communities include:
- Resort-Style Swimming Pools
- State-of-the-Art Fitness Centers
- Exceptional Resident Lounges
- Community Movie Theatres
- Business Centers
With so many great features for residents to enjoy, the apartment communities make sure they charge appropriately for the upkeep and provision of these facilities. Most communities who partner with corporate housing providers include exceptional amenities inside the apartment, as well, like stainless steel appliances, granite countertops, and hardwood floors.
The size of the apartment also plays a major role in the price of the apartment. As the square footage increases, so does the price. Other apartment features like more bedrooms, nicer bathrooms, and private patios or balconies also make the price go up for corporate housing clients.
All these features factor into the pricing of a corporate unit and you’ll find yourself paying more for bigger and better amenities. While more conveniences equal more money, they also boost the luxury of an extended stay furnished apartment and improve the experience for corporate housing clients.
Promontory – Overland Park, KS
The third largest contributor to a corporate housing provider’s price is the furnishings that fill the rooms of the apartments. These furnishings make the biggest difference in turning an empty apartment into a home-away-from-home. Corporate housing providers include in their units furniture like:
- Pots and pans
- Shower Curtain
- Everything else needed to make the space ready for a client to live in the apartment
Sofas and beds are the obvious fixtures when thinking about what would have an impact on the price of a corporate apartment. However, temporary housing companies also provide the little touches that really make a space feel like home.
That piece of art hanging on the wall or the cookware in the kitchen may not be the first to come to mind, but they certainly play a role in transforming the space to create a home clients will love.
When you stay in a corporate apartment, one of the nice things you’ll find is the company covers the utility bills every month! All the electricity, gas, water, and trash is covered by the corporate housing provider, making your life easier. Older buildings tend to have higher utility costs, pushing the prices slightly higher in more aged apartments. You’ll often find older structures in the center of town where the oldest parts of the city lie, so staying in a newer unit can help reduce the price you’re quoted as the corporate housing provider will pay less for your utilities during your stay.
On top of your usual utilities, the corporate housing company will also pay for extended cable and WiFi in your apartment so you can feel right at home without fumbling with a cable and internet provider.
These entertainment expenses, and the costs of the basic living utilities you’d normally pay for in a home, are tied back into the flat rate charged by the corporate housing company. Residents make one easy payment and don’t have to worry about getting their utilities set up in their apartment.
5. Customer Service
One of the biggest differences between a corporate apartment and a normal furnished apartment is the customer service residents receive when working with corporate housing companies. Many corporate housing providers offer 24-hour customer care services to ensure your needs are taken care of whenever they happen.
Their customer service teams aren’t just for emergencies, either. You can contact them any time with any problem that may arise during your stay in your corporate apartment and they will do whatever it takes to make sure the issue is resolved so you can get back to enjoying your stay.
Offering these services does increase the cost in providing a corporate apartment, but the peace of mind corporate housing clients receive knowing they can reach someone for any problem at any time is well worth it.
6. Supply & Demand
While shoppers have the ability to choose their locations and amenities, the demand of corporate apartments is one thing they have no control over. During the busy seasons for corporate travel, which generally takes place throughout the spring and summer months, prices for extended stay temporary apartments can increase up to 10% compared to the less traveled winter months.
Traveling during the lower demand months can be an excellent way for travelers with control over their schedule to save money during their extended stay. At these times, less units are filled so corporate housing providers are eager to open their doors at a discounted rate. These savings pass directly to the customer, so plan your travel schedules if you can to coincide with winter if you can.
So How Much Does Corporate Housing Really Cost?
Because there are so many factors affecting the price of a corporate apartment, it is impossible to lock down one number for a corporate apartment.
The biggest factor being the location of the corporate unit, thrifty extended stay apartment shoppers should look in city suburbs to avoid spending big bucks on their temporary housing. Staying in a newer building with fewer amenities can also reduce the cost of a corporate apartment as the utility and amenity costs will be less than those in older luxury accommodations.
Regardless of where you stay, you’ll enjoy all the furnishings you need to turn your temporary apartment into a home. You’ll also get 24-hour customer service throughout your stay from most corporate housing companies.
Corporate housing prices often run from $70 to $200 per night, but these prices can be much higher in the most desirable locations around the world.
With the average daily rate of a corporate apartment around $160 in 2017, you can expect to be on the lower end of that range for your extended stay, especially if your travels take you to areas like the Midwest. Corporate apartments in this region are some of the most affordable in the country, making them an excellent option for those who need extended stay accommodations in cities like Kansas City, Oklahoma City, and Austin.
Now that you understand how much a corporate housing apartment costs, you can search for the perfect Midwest temporary apartment and request a quote in any of ExecuStay Midwest’s 15 cities throughout the region here.