From paid internships with comprehensive housing packages to flexible stipend programs, companies that invest in intern housing create an environment where interns can thrive and focus on their work.
In this article, we’ll explore why housing support is essential for internships, compare different housing models, and showcase how companies have successfully implemented these programs to boost retention and satisfaction.
Why Are Internships Important?
Internships are an important part of any job search and career development. They provide valuable experience that can help you stand out in the job market and give you a competitive edge over other applicants. Interns gain valuable insight into the workplace, learn about their field, develop new skills, and build their network.
Internships also offer a great opportunity to try out different roles within a company or industry to see what fits best. With the right internship experience, you can gain invaluable knowledge that will prepare you for your future career.
Why Interns Need Housing Support
Providing housing support for interns is more than just a perk—it can significantly impact their overall experience and productivity. Whether through housing stipends or corporate housing arrangements, this kind of support helps interns feel secure and focused on their work rather than worrying about accommodation.
When housing is taken care of, interns can dedicate more time to their roles, leading to higher performance levels. By alleviating the financial and logistical stress of finding short-term accommodation, companies can create a supportive environment that allows interns to thrive.
Corporate housing or stipends help ease the transition for interns, making them feel more comfortable in a new city, and ultimately, more productive in their work. This kind of support can also foster loyalty and appreciation, which benefits employers by building long-term relationships with top talent.
Competitor companies that offer housing support often have an advantage in attracting high-quality interns. With rising costs of living in major cities, housing support has become a crucial factor in whether or not an intern accepts a position.
Investing in intern housing ensures that companies don’t lose out on talented candidates due to logistical challenges. In turn, this can lead to a more successful internship program with better retention and conversion rates from intern to full-time employee.
Contact us to learn how Compass Furnished Apartments can support your intern housing needs.
Why Should Companies Pay For Intern Housing?
Intern housing is a great way to provide interns with a sense of security and comfort during their stay. It can be a great way to support them in their transition into the workplace and ensure that they are able to focus on their work.
Paying for intern housing is also beneficial for employers, as it allows them to attract the best talent and retain it for longer periods of time. In addition, it can help employers build relationships with interns and create an environment where they feel valued and appreciated.
Corporate Housing vs. Lump-Sum Payments: What’s Better for Interns?
When it comes to supporting interns with housing, employers often face a choice between offering corporate housing or providing a lump-sum payment. Both options have their advantages, but selecting the right approach can depend on factors like company size, intern preferences, and budget.
Corporate Housing
Corporate housing provides interns with pre-arranged accommodation, typically fully furnished and located close to the workplace. This option reduces the burden on interns to find housing, especially in high-demand or unfamiliar markets.
According to a survey by Cartus, 38% of employers offering intern housing found that corporate housing solutions improved intern satisfaction and retention rates. Corporate housing also gives interns a sense of community if they are housed near other interns, which can enhance their overall experience.
Advantages:
- Less stress for interns: Interns don’t need to worry about searching for housing in a limited market or signing short-term leases.
- Better focus on work: With housing taken care of, interns can focus more on their roles without logistical distractions.
- Improved safety and convenience: Pre-arranged housing ensures that interns are living in safe, reputable locations close to the office.
However, corporate housing can be more costly for employers, especially in cities with high real estate prices, and it requires more logistical coordination on the company’s part.
Lump-Sum Payments
A lump-sum payment allows interns to take charge of their housing decisions by providing them with a flat amount to cover their housing expenses. This option gives interns more flexibility to choose accommodations that fit their preferences and budget.
A 2023 report from NACE (National Association of Colleges and Employers) revealed that 42% of employers offer lump-sum payments as a way to give interns more autonomy in managing their housing needs.
Advantages:
- Flexibility for interns: Interns can find housing that suits their specific preferences, whether it’s staying with family, renting a room, or finding a cost-effective apartment.
- Cost-effective for employers: Lump-sum payments offer a predictable cost for the company and reduce the administrative effort involved in arranging housing.
- Attractive to budget-conscious interns: Some interns may prefer the lump-sum approach to save money if they can secure cheaper housing options.
However, lump-sum payments may not cover the full cost of living in expensive cities, which can place financial strain on interns. Additionally, some interns may struggle to find suitable housing, leading to stress that impacts their productivity.
Best Practices
For companies, the decision between corporate housing and lump-sum payments can depend on the location and the intern’s needs. In cities where short-term housing is scarce or expensive, corporate housing might be the best option to alleviate stress and attract top talent. In contrast, lump-sum payments can be a great choice for regions with more affordable housing or for interns who prefer flexibility.
A hybrid model, offering corporate housing in certain high-cost cities and lump-sum payments elsewhere, can balance the benefits of both options.
The Role of Technology in Intern Housing
Technology is playing a growing role in simplifying intern housing, making the process more efficient for both employers and interns.
Workforce mobility platforms like Cartus and UrbanBound allow companies to manage housing logistics in real-time, providing interns with easy access to accommodation options, budgeting tools, and support services. These platforms often offer relocation tracking, lease management, and digital communication features, ensuring interns can quickly find housing that meets their needs.
By leveraging technology, companies can streamline the housing process, improve intern satisfaction, and reduce administrative overhead, all while offering a more personalized experience.
Increasing Intern Retention
Several companies have found success by investing in intern housing, improving retention and satisfaction.
For example, Weichert Workforce Mobility highlights that 50% of surveyed companies now provide a lump sum or per diem for interns to secure their own housing, while others offer corporate-leased apartments. By offering these accommodations, companies not only alleviate the burden of finding short-term housing but also create a more positive intern experience, contributing to higher retention rates.
Similarly, GradLeaders found that companies offering comprehensive intern housing solutions retain their talent for three or more years at a rate of 50%. Offering housing as part of the intern benefits package helps interns feel valued, leading to stronger long-term engagement. These examples show that paid internships paired with housing support provide a competitive edge in attracting and retaining the best talent.
Final Thoughts
Investing in intern housing is more than a nice-to-have benefit—it’s a smart business strategy that can significantly improve intern satisfaction, productivity, and retention rates.
By alleviating the stress of finding accommodation, companies can offer interns a more positive and focused experience, positioning themselves as attractive employers in a competitive talent market. Whether through corporate housing or flexible stipends, providing housing support is a key differentiator that helps companies secure and retain the best talent.
If you’re looking for a flexible, high-quality housing solution for your interns, Compass Furnished Apartments offers fully furnished, short-term apartments designed to meet the unique needs of interns.
Let us help you create a stress-free housing experience that supports your interns’ success. Contact Compass today to explore how we can provide the perfect home away from home for your team.
About The Author
Lauren
Lauren, a passionate marketing professional from Vancouver, Canada, has an insatiable love for travel. Whether it’s camping off the grid in a secluded forest or enjoying the bustling streets of Manhattan, New York, she embraces every adventure with enthusiasm.