Historically 1- and 2-bedroom apartments or condos were the mainstay of the furnished temporary corporate housing industry. In the past, most guests of corporate furnished units were individual travelers on an assignment at a specific location. Or those that took on a new job, and relocated for their new job in advance of the rest of their family, who stayed in their current home until the new employee found permanent housing.
Post worldwide pandemic …the work from home (WFH) phenomenon has caught on in a big way! Currently, there is much higher demand for dedicated work space within the home. Open concepts are actually viewed as less desirable than before, with separate space needed for not only the transferee, but also their spouse and children who may also be working or learning remotely. Don’t forget room and accommodation for the beloved family pets. You can’t leave Fido behind if there’s no one there to care for him, and over 60% of guests utilizing furnished housing are traveling with pets today.
Stand-alone single-family homes are rapidly becoming the desired type of temporary housing in an industry that didn’t traditionally offer that type of home. Regardless of whether the person needing temporary accommodation has a family or not, there is still a need for separate work and live space, as well as a demand for the ability to “play” at home too. Amenities including a private pool, extra space to work out, outdoor kitchen or grills, and private outdoor space are requested more frequently now.
That being said, there will always be a need for the 1- and 2-bedroom apartments or condos that are in great location with nice amenities in the corporate housing space. Which means that right now, there is a market in the Phoenix and Tucson metro areas for pretty much for every type of property, if you are able to consistently deliver on a meticulously clean and well-appointed temporary home.
There are four key items that cannot be overlooked for a property to “work” for corporate housing:
1) Minimum lease term of 30 days acceptable to the HOA
2) Clean, Modern, New (or Like New) Condition
3) Access to Amenities, such as fitness centers, pools and bar-b-que grills
4) Location, Location, Location…meaning close to city centers, large employers, schools or medical facilities.
At AvenueWest Arizona our current core inventory includes everything from studios and urban 1-bedroom apartments and condos, up to 5 bedroom single family homes with several points in between. Every one of our properties are outfitted and maintained to the highest of corporate housing standards. And, we are actively adding more to our core inventory all of the time.
So, as it turns out, there is no one correct answer to the question “What Type of Property Works Best for Corporate Housing?” If you are interested in learning more, AvenueWest Arizona is here to help you determine if the Best use of your property is corporate housing.