"The corporate housing trend has gained steady momentum in recent years because companies have found that placing out-of-town or relocating executives in corporate housing rather than hotels is more cost effective." He adds, "We are seeing strong demand for our product from Westchester businesses looking to house out-of-town professionals as well as from Manhattan firms with executives who don't mind working in the city for a few months but want to live in a suburban community."
The furnished apartments are usually rented for 30 days or longer. Company officials say that average Westchester rentals cost $140 per night with a minimum stay of 30 days. ExecuStay's New York Division has inventory in Manhattan, and recently expanded into the Westchester, Long Island and New Jersey markets.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
