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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.
Sioux Falls
Sioux Falls (/ˌsuː ˈfɔːlz/) (Lakota: Íŋyaŋ Okábleča Otȟúŋwahe;[8] “Stone Shatter City”) is the largest city in the U.S. state of South Dakota. It is the county seat of Minnehaha County,[9] and also extends into Lincoln County to the south. It is the 47th fastest-growing city in the United States[10] and the fastest-growing metro area in South Dakota, with a population increase of 22% between 2000 and 2010.[11]
As of 2016, Sioux Falls had an estimated population of 178,500. The metropolitan population of 251,854 accounts for 29% of South Dakota’s population. It is also the primary city of the Sioux Falls-Sioux City Designated Market Area (DMA), a larger media market region that covers parts of four states and has a population of 1,043,450.[12] Chartered in 1856 on the banks of the Big Sioux River, the city is situated in the rolling hills on the western edge of the Midwest at the junction of Interstate 90 and Interstate 29.
The history of Sioux Falls revolves around the cascades of the Big Sioux River. The falls were created about 14,000 years ago during the last ice age. The lure of the falls has been a powerful influence. Ho-Chunk, Ioway, Otoe, Missouri, Omaha (and Ponca at the time), Quapaw, Kansa, Osage, Arikira, Dakota, Nakota and Cheyenne people inhabited and settled the region previous to Europeans and European descendants. Numerousburial mounds still exist on the high bluffs near the river and are spread throughout the general vicinity. Indigenous people maintained an agricultural society with fortified villages, and the later arrivals rebuilt on many of the same sites that were previously settled. Lakotapopulate urban and reservation communities in the contemporary state and many Lakota, Dakota, Nakota, and numerous other Indigenous Americans reside in Sioux Falls today.[13]