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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.
Kennett
Kennett is a city in and the county seat of Dunklin County, Missouri, United States.[6] The city is located in the southeast corner (or “Bootheel“) of Missouri, 4 miles (6.4 km) east of Arkansas and 20 miles (32 km) from the Mississippi River. It has a population of 10,932 according to the 2010 Census.[7] It is the largest city in the Bootheel, a mostly agricultural area.
White settlers built log cabins in the area in the first half of the 19th century, naming their settlement Chilletecaux in honor of a Delaware Indian chief who lived there. The town was renamed Butler in the late 1840s. Due to mail delivery problems because of other jurisdictions named the same, the settlement was renamed as Kennett, in honor of the mayor of the city of St. Louis, Luther M. Kennett.[8]
In the 1890s, a railroad reached the area, stimulating growth in the town. In that same period, the state began construction of a massive drainage program in the St. Francis River basin, which was floodplain and wetlands. In the 20th century, after timber clearing, the area was developed for cultivation of cotton and other commodity crops.[9]