Many corporate housing industry professionals like Premiere Suites have industry designations and credentials highlighting their experience and knowledge, and operate as business entities. They do not function on the peer-to-peer platform that is currently causing challenges for legislator’s issues for permanent residents. Corporate housing providers are familiar with and pay hotel occupancy tax and other financial obligations, as required. In addition to abiding by appropriate tax codes, corporate housing providers comply with property zoning laws, health and safety codes, apartment community lease restrictions on minimum stay and other local regulations as they relate to short-term stays.
The model generally functions such that rental units are leased to a corporate housing provider who then fills them as needed. The vast majority of units are leased by the provider and then re-rented to the client, as opposed to individual leases with many different clients. Corporate housing units are usually leased directly from the building owner, though on occasion providers also lease from one another.
Frequent changes in guests are unusual in a corporate housing situation, as evidenced by an industry standard of a minimum 30-day stay and an average stay of 68 days. Clients may sometimes be individuals visiting for a conference or training but are more likely to be an employee and his or her family recently transferred or considering a move from another employer location. Employee relocations and project assignments make up 55% of corporate housing rentals in Canada.
Experienced management ensures consistent contact for property neighbors. The standards for service for professional managers minimize the risk that an occupant will create a disturbance because, in addition to being accountable for client behavior to property neighbors, the professional manager is accountable for client behavior to the professional organizations that set industry norms and expectations.