Posted : October 03, 2018
As reported in the Wall Street Journal in June of 2018, the furnished rental housing market has been growing, despite the rise of industry disrupters like Airbnb and other sharing economy start-ups.
The Evolution of Corporate Housing
Corporate housing, a growing industry for over 60 years, and often referred to as Executive Suites in Canada, has traditionally catered to corporations, who’ve required fully furnished temporary residences for their staff members relocating to a new city, as well as those individuals displaced from their homes temporarily, due to flood or damage.
Today, those same markets appreciate the stable nature, professionalism, and accountability the corporate housing market offers, and is increasingly being embraced by those travelling for work projects, and those looking for a change; either in city of residence, or renting versus ownership - without the constraints and costs of a hotel, nor the commitments of utility bills, internet and cable subscriptions and the investment in furniture for a temporary space.
Arriving in a new city, either for work or by choice, can be overwhelming – and a temporary residence can offer you all the comforts of home, commitment-free - while you figure out your next move.
How is Corporate Housing Different from Airbnb and the Likes?
Airbnb and their counter-parts are web-based platforms that enable individuals to list and promote their personal properties as accommodations to the public, where those individuals are responsible, though not beholden, to the quality of the property and experience offered. Corporate Housing, on the other hand is an established business in North America, and around the globe for over 60 years, and assumes full responsibility for the residence as well as the guest experience.
“At Premiere Suites we assume responsibility not only for the ownership or lease of our properties, but for the furnishings, the appliances, all maintenance, ongoing professional cleaning, the cost of the utilities, the installation and connectivity of the wi-fi and cable, fire and evacuation safety measures, the insurance, professional accreditation, staff background checks, and most importantly all ongoing guest inquiries. These are the basic responsibilities of our profession, that simply cannot be guaranteed by most hosts posting their properties on a communal booking site.” – Jeff Brookhouser, President, Premiere Suites
Premiere Suites provides our employees with the privacy, freedom, and access to the community they’re looking for, with the 24/7 professional support and security we as employers, require. It’s a win-win.” - Scott Jameson, President, Vigorate Digital Solutions
Premiere Suites is Canada’s Largest Provider of Fully Furnished Temporary Residences, for over 18 Years
“We discovered Corporate Housing when several of our employees travelling for systems training were asking to spend their accommodations budget with Airbnb listings as opposed to hotels – but we needed to assure our HR department and shareholders that our trainees were housed in accredited and insured accommodations. Premiere Suites provides our trainees with the privacy, freedom, and access to the community they’re looking for, with the 24/7 professional support and security we as employers, require. It’s a win-win.” - Scott Jameson, President, Vigorate Solutions
Legislative & Community Impacts
As major cities across the globe scramble to regulate the rise of the sharing economy and its impact on the affordability of available rental units – the corporate housing market has thrived, with successful, decades-long, partnerships and relationships, not only with communities, but also with municipalities, and condo boards, while as an industry adhering to all legislative and fiduciary requirements.
With minimum 30-day rentals, often accompanied by yearly leases, the corporate housing model ensures that they consistently respect all laws that now restrict short term Airbnb-style rentals in major cities like Toronto, Vancouver, New York and San Francisco.
What Corporate Housing clients can expect from their stays
The majority of residences on offer by the corporate housing industry, are available in luxury-buildings, providing their clients the benefits of spectacular amenities, and incremental security features, in high-demand locations.
With Premiere Suites, their 1,300 residences across Canada include the following:
- Fully Furnished
- Fully Equipped kitchens with 5-piece appliances
- Comfy living room with designated work area and dining area
- In-suite or on-premise laundry
- Linens & towels included
- Bi-Weekly Housekeeping
- 24/7 support
- Available parking
- Complimentary wi-fi & cable – ready for use upon arrival
- All utilities included
- All residences are private properties
- All residences are insured, accredited and audited by a neutral 3rd party
- Pet-Friendly options