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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.
Waco
Waco (/ˈweɪkoʊ/ way-koh) is a city which is the county seat of McLennan County, Texas, United States.[3] It is situated along the Brazos River and I-35, halfway between Dallas and Austin. The city had a 2010 population of 124,805, making it the 22nd-most populous city in the state.[4] The US Census 2015 population estimate is 132,356.[5] The Waco Metropolitan Statistical Area consists of McLennan and Falls Counties, which had a 2010 population of 234,906.[6] Falls County was added to the Waco MSA in 2013. The US Census 2016 population estimate for the Waco MSA is 265,207.[7]
Indigenous peoples occupied areas along the river for thousands of years. In historic times, the area of present-day Waco was occupied by the Wichita Indian tribe known as the “Waco” (Spanish: Hueco or Huaco).
In 1824, Thomas M. Duke was sent to explore the area after the Waco people tried to defend themselves and their lands from settlers. His report to Stephen F. Austin, described the Waco village:
After further violence due to settler incursion, Austin halted an attempt to destroy their village in retaliation. In 1825, he made a treaty with them. The Waco were eventually pushed out of the region, settling north near present-day Fort Worth. In 1872, they were forced onto a reservation in Oklahoma with other Wichita tribes. In 1902, the Waco received allotments of land and became official US citizens. Neil McLennan settled in an area near the South Bosque River in 1838.[8] Jacob De Cordovabought McLennan’s property[9] and hired a former Texas Ranger and surveyor named George B. Erath to inspect the area.[10]In 1849, Erath designed the first block of the city. Property owners wanted to name the city Lamartine, but Erath convinced them to name the area Waco Village, after the Indians who had lived there.[11] In March 1849, Shapley Ross built the first house in Waco, a double-log cabin, on a bluff overlooking the springs. His daughter Kate was the first settler child to be born in Waco.[12]