Understanding the Difference Between Midterm Rentals and Corporate Housing
When looking for temporary accommodations, you may come across terms such as “midterm rental” and “corporate housing.” Although they may seem similar, there are distinct differences between the two. Understanding these dissimilarities can help you choose the best option for your needs.
Midterm Rental
A midterm rental is a furnished rental property leased for a period typically ranging from one to six months. These rentals bridge the gap between short-term stays, such as those on Airbnb, and long-term leases.
Typical Tenants
Midterm rentals are ideal for:
– Professionals on extended business trips
– Relocating families
– Students and interns
– Seasonal workers
Features
Midterm rentals usually include:
– Fully furnished units
– Utilities and internet
– Flexible lease terms
Corporate Housing
Corporate housing is a specific type of midterm rental that primarily caters to business professionals and is available for stays ranging from one month to a year.
Typical Tenants
Corporate housing is tailored for:
– Business travelers
– Corporate relocations
– Consultants and contractors
Features
Corporate housing usually offers:
– Luxury and comfort
– Comprehensive services
– Convenient locations
Key Differences Between Midterm Rentals and Corporate Housing
- Purpose and Target Audience
– Midterm Rentals: Cater to a broader audience and are more flexible and versatile in terms of tenant types.
– Corporate Housing: Specifically designed for business professionals, focusing on providing a seamless living experience.
- Level of Service and Amenities
– Midterm Rentals: Typically offer basic furnishings and amenities.
– Corporate Housing: Provides a higher level of service, including regular housekeeping and access to luxury amenities.
- Cost and Lease Flexibility
Midterm Rentals: Generally more affordable and offer flexible lease terms.
Corporate Housing: Often more expensive due to added services and amenities, with less flexible lease terms.
Cost Comparison
The average cost of corporate housing in the U.S. is about $150 per day, compared to $75-$125 per day for midterm rentals.
Duration
Corporate housing stays average around 83 days, while midterm rentals can range from one to six months.
In conclusion, while both midterm rentals and corporate housing provide temporary accommodations, they cater to different needs and audiences. Midterm rentals offer flexibility and affordability for a diverse group of tenants, whereas corporate housing focuses on providing high-quality, service-oriented accommodations for business professionals. Understanding these differences can help you choose the right option for your specific situation. Ready to find the perfect accommodation for your needs? Let’s help get you set up.
