Corporate housing FAQs, Part I

 

Today Living Group answers questions about corporate housing and executive suites

The questions we’re asked most often

Most people have heard of ‘executive suites’ and corporate housing, but don’t really know what it is – or how it might be a great solution for them. Here are answers to some of the most common questions we’re asked.

What is ‘corporate housing’, anyway?

Basically, ‘corporate housing’ is the industry term for what most of us call ‘executive suites’ or ‘serviced apartments’: Fully furnished residences (typically condos or townhouses, but sometimes apartments or single-detached homes) that are available to lease or rent on a shorter-term basis than the usual one-year lease required for an unfurnished unit.

Corporate housing suites come fully equipped with full kitchens (including dishes, flatware and other housewares), linens for bedrooms and bathrooms, televisions and utilities like internet and cable. Many (especially in condos and townhomes) also have ensuite laundry facilities and designated parking spots.

Most of the time, the terms ‘corporate housing’, ‘executive suites’ and ‘serviced apartments’ are used interchangeably.

What’s the difference between corporate housing and hotels?

Hotels are designed for very short-term stays, like 1-7 nights. They’re generally just a place to sleep and bathe, and very few have full kitchens or the ability to be self-sufficient in terms of food and laundry. And most hotel rooms are fairly small: Just enough room for a bed or two, maybe a chair, and a closet.

Corporate housing, by contrast, is designed for longer-term stays in a more ‘home-like’ environment:

  • In most cities in Canada, corporate housing is designed for stays of 30+ nights (this has the added advantage of making the cost of the stay non-taxable)
  • Most suites/units are much larger than standard hotel rooms, with full kitchens, living/dining areas, and separate bedrooms
  • While hotels tend to be clustered near downtown tourist areas or isolated by airports, corporate housing suites tend to be situated in lively residential areas which mean a better day-to-day living experience

But the biggest difference between corporate housing and hotels is that it tends to cost half the price of a hotel stay in a comparable location – while also providing more space than a hotel room can.

Who uses corporate housing?

Corporate housing is often the first choice for companies who need accommodation for an employee who is on a short-term assignment or who’s waiting for a permanent transfer. But all kinds of people stay in furnished suites:

  • Families who’ve had significant home damage and need a place to stay for a couple of months while their home is repaired
  • People who are waiting for a new-built home to be ready or a major renovation to be completed
  • Families who need to be near a loved one who’s in a nearby hospital for an extended period
  • People who need to be in town for a university or college program for a few months and don’t want to take on the obligations of a 12-month lease
  • Parents in the process of a divorce who need a place to stay for a few months but with enough room to have the kids over on the weekend
  • Extended vacations (a full month of corporate housing can be less than 10 days in a hotel – and provide bedrooms for the kids)