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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.
Corry is a city in northwestern Pennsylvania in the United States. With a population of 6,605 at the 2010 United States Census, it is the second largest city in Erie County. Corry is a part of the Erie, PA Metropolitan Statistical Area. The city became famous in the late-19th and early-20th centuries for being the manufacturer of Climax locomotives.
Erie County was formed from parts of Allegheny County on March 12, 1800. On May 27, 1861, tracks owned by the Atlantic and Great Western Railroad intersected with those of the Sunbury and Erie Railroad and was called the “Atlantic and Erie Junction”. Land at the junction was owned by Hiram Cory, who sold a portion to the Atlantic and Great Western in October 1861. The railroad built a ticket office at the junction and named it for Cory, but through a misspelling it became Corry.
The combination of railroad growth and the discovery of oil in nearby Titusville contributed greatly to Corry’s development. This boomtown was chartered as a borough in 1863 and designated as a city in 1866. Industry has played a big part in Corry’s growth, and the Corry Area Historical Society maintains a museum where one of the Climax locomotives (the steam engine used in logging operations that brought fame to Corry) is on display.