Corporate housing is a different industry from other short-term rental companies or online accommodation booking sites. It provides unique benefits to the business community as well as a measurable economic impact to cities nationwide. While there is low awareness of the corporate housing industry in Canada, it is making significant economic contributions to the communities in which it operates.
Corporate housing is a fundamental comfort to many companies operations, who have employees travelling regularly on business for extended stays, or in transition from a relocation. This type of housing differs from other short-term rentals in its clientele, how it is managed, and how it functions in the community. Because of these differences, it is much less likely to create the nuisance and disruption that so many communities. As they are professionally managed units with an average length of stay of 68 days, which is substantially longer than other short-term rental units.
Corporate housing has a positive impact on communities in a variety of ways, both direct and indirect. Property-owners benefit by collecting dependable rental income from tenants comprised of vetted professionals and their families. Immediate neighbors of corporate housing benefit from living near well-kept and closely managed residences.
Local economies also benefit from the strong economic impact that this often-unseen industry makes. This impact includes both the rental dollars paid for market-rate (often luxury) units, as well as visitor spending. The relocation industry directly contributes over $2.5 billion to Canada’s economy and employs thousands of people across many diverse industry groups The Canadian inventory of corporate housing is estimated at over 7,000 units. It is a high-demand form of accommodation whose supply is rising faster than its nearest competitor, upscale extended stay hotels.