A temporary assignment in another city could mean being stuck in a hotel for weeks or months.
Or it could mean an apartment with more amenities, as the corporate housing industry now forms a $170-million piece of the real-estate sector, says a report commissioned by Royal LePage Relocation Services.
Corporate housing provides employees on short-term work assignments with fully equipped, fully furnished suites and apartments.
“The demand for corporate housing is growing in Canada,” said Rob Peterman, director of Royal LePage Relocation assignment solutions.
The report revealed that Canada’s eight largest urban centres have a combined total of almost 7,000 one- and two-bedroom units available for short-term accommodation. Availability of these units can vary as much as 30 per cent between low and peak seasons in a city.
Of all Canadian markets surveyed, Vancouver is the second most expensive city in which to rent short-term accommodations for temporarily relocated employees. A one-bedroom unit rents for $2,900 a month, while a two-bedroom unit goes for $3,400.
The city has a total of 1,510 one-bedroom and two-bedroom units.
Vancouver typically sees more rentals during the peak season to accommodate the film industry. It also experiences an increase in corporate rentals due to other industries that operate more seasonally, such as the mining, pulp and paper, and hydroelectric industries.
Toronto is the most expensive city. The average monthly price of a one-bedroom rental unit is $3,200. Calgary and Edmonton tie as the third most expensive cities at $2,800 for both one- and two-bedroom units.
