Corporate lettings are a growing trend in the property sector. Companies may choose to enter into corporate letting agreements, to house their employees on a temporary or short-term basis. For executives and professionals, a company offering accommodation for its employees can be attractive, especially if moving to a new area. In this article, we’ll explain the concept of corporate lettings and answer some of the most commonly asked questions about them. We’ll also introduce some of the top operators currently offering corporate letting terms in London.
What are corporate lettings?
Corporate lettings involve landlords renting their properties to companies, rather than to individuals. The company then uses the property to provide housing for its employees. Employers typically offer the housing on short-term or flexible lets. They often provide housing for new employees who have relocated to take the job and haven’t yet been able to secure permanent accommodation.
What is a corporate let agreement?
A corporate let agreement is a rental contract between a landlord and a company. Companies tend to agree to a long-term contract to rent the property from the landlord. They then let it out to their employees, usually on a short-term basis. Corporate lettings can be a lucrative business for landlords. As such, corporate let agreements may include additional perks that wouldn’t typically be available to private clients.
What is a corporate tenant?
A corporate tenant, or corporate occupant, is usually an employee who occupies the property their company has rented. Corporate tenants often sign relatively short-term contracts on corporate let properties. This enables them to settle in a new area and find permanent accommodation. They may be working in the area on a temporary basis, before returning to a different office or company headquarters. In these circumstances, corporate lettings are the ideal solution.
What type of developments offer corporate lettings?
The trend for corporate lettings is growing with the rise of the build to rent sector. Build to rent properties are developments that are purpose-built for renting, rather than for sales. They’re often located in convenient city-centre settings. They also tend to provide a high-quality experience with contemporary styling and plenty of additional facilities and services. Modern build to rent developments can be available on flexible contracts, which suit corporate clients looking to accommodate their employees.
What are the benefits of corporate lets?
Corporate letting agreements may come with several perks and additional facilities that make them attractive to corporate clients. They often come with dedicated leasing managers, on-site concierge and management services, dry-cleaning services, free WiFi and other benefits. The build to rent sector is ideal for accommodating professionals and executives. The building designs and the services on offer are all geared towards high-end clients.
For companies, the ability to offer corporate lets to new and prospective employees can be an attractive prospect. It allows new employees to settle in a new area and focus on their work, rather than worrying about housing.
What disadvantages are there to corporate lets?
For companies, the main drawback of corporate lets is their cost. The high-quality, tailored provision of corporate lettings does come at a significant price. While the accommodation is usually immaculate and the benefits do ensure occupants are taken care of, it may not be viable for some companies to maintain several corporate lettings over a long period of time.
For landlords, there are plenty of positives to corporate lettings, but clients will expect them to provide an impeccable service and maintain their properties to the highest of standards. This can become an expensive and time-intensive exercise for landlords, as their clients will demand the very best service.
Corporate lettings in London: Highly rated providers
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