Executive Rentals Extremely Popular with Business and Vacation Sectors
Toronto Luxury Suites is lucky to boast one of the greatest supplies of furnished apartments for corporate housing in downtown Toronto, because the demand for them is increasing at a rapid rate. This increase in popularity is rising so rapidly that supply is apparently outstripping demand for executive rentals worldwide. The many benefits of choosing corporate housing over traditional hotel stays include affordability, larger space, and more amenities. Because guests can practically have a home away from home at a lower price than a hotel room, it comes as no surprise that demand is skyrocketing.
It is surprising that demand is outstripping supply, and companies who have many corporate housing properties in a large city are fortunate to be ahead of this trend. In the fourth edition of the Global Serviced Apartments Industry Report, published by Travel Intelligence Network for The Apartment Service, studies show that companies are expanding into new markets, but simply not fast enough. With the global workforce becoming more mobile and entrepreneurship being at an all-time high, the corporate housing industry is truly taking off.
The Pure Facts of Supply and Demand in the Corporate Housing Market
Researchers were able to come to these conclusions based on the detailed information gathered from the report. There was a global increase of 9.4% with respect to available executive rental units in 2011, showing moderate growth. However, 94% of operators reported that demand in their area is rising, compared with just 77% in 2011, a dramatic shift in popularity and ultimately, demand. Corporate entities are choosing executive rentals due to total cost per night, their length of stay, and the locations of these apartments. Corporate housing tends to cater to business professionals, who enjoy their proximity to the financial districts. Finally, of those who stay in corporate housing, including vacationers, 79% report that they prefer them to hotels.
In short, everyone is loving the corporate housing revolution. The popularity of executive rentals is absolutely exploding, so much that the industry cannot currently keep up. Luckily for successful companies like Toronto Luxury Suites, they are ahead of the game. The founders always believed in the benefits and potential of furnished executive rentals, and this dream is becoming reality at this very moment.