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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.
Bronxville
Bronxville /ˈbrɒŋksvɪl/ is a suburban village in Westchester County, New York, located about 15 miles (24 km) north of midtown Manhattan.[3] It is part of the town of Eastchester. The village comprises 1 square mile (2.5 km2) of land in its entirety, approximately 20% of the town of Eastchester. As of the 2010 U.S. census, Bronxville had a population of 6,323.[4] As of 2014, it was ranked 18th in the state in median income.[5]
Millionaire real-estate and pharmaceutical mogul William Van Duzer Lawrence sparked the development of Bronxville as an affluent suburb of New York City with magnificent homes in a country-like setting.[6] The area, once known as “Underhill’s Crossing”, became “Bronxville” when the village was formally established. The population grew in the second half of the 19th century when railroads allowed commuters from Westchester County to work in New York City.[6] Lawrence’s influence can be seen throughout the community, including the historic Lawrence Park neighborhood, the Houlihan Lawrence Real Estate Corporation, and Lawrence Hospital. John F Kennedy, the president of the United States, also resided here for a time.[7]
The village was home to an arts colony in the early 20th century during which time many noteworthy houses by prominent and casual architects were built.[8] After the Bronx River Parkway was completed in 1925, the Village expanded rapidly with the construction of several apartment buildings and townhouses much of it built by the Lawrence family. As of 1959, they continued to own or manage 97% of the rental market.[9] In both rentals and ownership, the village discouraged and effectively prohibited Jewish residency, earning the name “The Holy Square Mile.”[9]