Corporate housing includes furnished apartments, condos, and houses rented on a temporary basis, usually at a minimum of 30 days at at time.
Nationwide, there are more than 56,000 corporate housing units available for rent. Workers often choose extended stay corporate housing for the superior cost value. A 30-day stay at an extended stay hotel, even with monthly discount rates, costs about 20% more than corporate housing rentals.
In New Jersey, cities like Princeton, Jersey City, and Hoboken have units available for out of town workers, tourists, or even aspiring New Jersey citizens. The majority of renters in corporate housing, nearly a third, choose to rent a furnished apartment after relocating to a new town (especially those with pets!).
Despite some jokes you may have heard from your New York City friends, many workers and tourists seek out New Jersey every year. In February, New Jersey businesses added almost 7,000 jobs, marking the eighth consecutive month of positive job growth in the Garden State. Workers across the Northeast have sought out the Garden State for its casino jobs, either at card tables or in management positions.
Tourism is also on the rise. In 2014, New Jersey state tourism demand grew almost 4%, climbing upwards of $40 billion. So despite what you may have heard from Big Apple loyalists, visitors to New Jersey directly supported 316,000 jobs in the tourism industry, and indirectly supported nearly 500,000 in total.
Furnished apartments for rent are attracting both tourists and new New Jersey workers in droves. While hotels might work for long weekends or a summer trip to the boardwalk, corporate housing offers a better value on extended stays in the Garden State.
