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Corporate Housing
Corporate housing is a term in the travel industry meaning renting out a furnished apartment, condo, or house on a temporary basis to individuals, military personnel, or corporations as an alternative to a traditional hotel or an extended hotel stay. According to Corporate Housing Providers Association (CHPA), the industry’s tradeorganization, corporate housing revenue was $2.36 billion in 2009 and $2.47 in 2010. The corporate housing industry has been a significant growth segment of the lodging industry for the past 20 years.
Corporate housing and extended stay hotels are two different types of accommodations.
Corporate housing typically offers larger square footage, costs less than hotels, offers full customer service, and is used for stays averaging one month or more (the average corporate housing stay is 83 days, according to the 2011 Highlands Group Corporate Housing report; more than 100 days for Managed Corporate Housing Companies and 13% of CHBO property owners report their properties were rented for a year or longer, according to the 2012 “by Owner” Annual Report).
Corporate housing provides complete temporary housing solutions within a stable residential setting unlike extended stay hotels, which are surrounded by an open parking lot and are filled entirely by transient guests.
The apartment units managed by corporate housing companies are furnished and the corporate housing companies rotate clients in and out of the furnished apartments and clean them between guests.
Wading River
Wading River is a hamlet and census-designated place (CDP) in Suffolk County, New York, United States, on the North Shore of Long Island. As of the 2010 census, the CDP population was 7,719.[1] It is adjacent to Shoreham and shares a school district.
Most of Wading River lies within the Town of Riverhead, but a small portion is in the Town of Brookhaven. The name of the hamlet comes from the original Algonquian name for the area, Pauquaconsuk, meaning “the place where we wade for thick, round-shelled clams”. “Wading in the River” or Wading River was adopted by the first English colonists.