Corporate housing in Boston and Cambridge has been thriving, but housing sharing services like Airbnb are forcing the industry to offer new, shorter options for length of stays. According to Banker and Tradesman, a new corporate housing rental complex — owned by Northeast Suites — opened last month at Portside at East Pier, and 10 of the 176 units are reserved for short-term stays.
Corporate housing is typically used by individuals who are under short contracts with an employer — whether it’s an individual, a corporation, or military personnel. Since these stays have traditionally been longer, people usually don’t want to pay for a hotel and prefer to have a more apartment-style housing option.
Northeast Suites has a few different luxury rental complexes for corporate housing, but the Portside at East Pier location is the first to offer one-night and extended-term stays.
“Those who travel frequently for work may often require better living quarters — such as a kitchenette — in order to be more comfortable,” says Jay Favia, President of Elite Corporate Housing. “Many hotels do not offer such amenities, and businesses are beginning to understand the need to keep their employees comfortable and have thus turned to corporate housing.”
Part of the attraction of corporate housing is that it’s cheaper than a hotel stay. Corporate housing usually has more space and flexibility than a traditional hotel room. Corporate housing rentals are also equipped with full-size kitchens and housewares.
“What I found was over the past few years, there’s demand for shorter-term housing from people who don’t want to spend the money on a hotel,” CEO of Northeast Suites Patrick Flynn told Banker and Tradesman. “Historically our industry has shied away from this, but I had to do this because the demand is there.”
Housing sharing services like Airbnb have encouraged this shift, since they also offer an alternative to hotels for short-term stays.