The average 30-day corporate housing cost in Canada ranges from $3,000 to $4,500 CAD. The actual figure depends on factors like location, duration of stay, amenities, and seasonality.
Corporate housing apartments offer a mix of homelike comfort and hotel-level hospitality services for at least 30 days. This makes it a premium accommodation option among business travelers in need of temporary housing.
Today’s blog post will help you understand the cost of corporate housing, the factors that influence unit pricing, and whether corporate housing is financially sound.
Key Takeaways
- In Canada, corporate housing prices typically cost between $3000 and $4,500 CAD for 30 days.
- Corporate housing prices differ based on apartment type, location, your stay duration, demand, and the amenities the provider offers.
- A 30-day corporate housing lease gets you a fully furnished apartment with utilities and housekeeping services.
- Look out for other potential costs, like security deposits, modification fees, and smoking penalties.
- CorporateStays offers you the best corporate housing deals with great value for money.
National Average Cost of Corporate Housing Apartments in Canada
On average, the cost of corporate housing across Canada usually falls between $3000 and $4,5000 CAD. This figure varies greatly with the apartment type and size.
Here’s a list of the national average corporate housing price depending on apartment type:
- One-bedroom apartments
One-bedroom apartments can accommodate a maximum of two people and cost between $2000 and $3500 CAD per month ($70–$120 per night).
- Two-bedroom apartments
Two beds are usually priced between $3000 and $5000 CAD/month ($100–$170 per night).
- Three-bedroom apartments
Three-bedroom apartments can accommodate between three and six people and cost from $4500 to $7000 CAD ($150–$240 per night).
Note: Prices may vary from the calculated averages.
4 Factors Affecting Corporate Housing Cost
Corporate housing prices are not set in stone. Prices may vary from place to place based on various environmental and economic factors. Here’s a list of factors that may affect the cost of corporate housing:
- Location
- Stay Duration
- Seasonality and Demand
- Amenities and Services
1. Location
The location has a significant impact on the cost of corporate housing. In cities like Toronto and Vancouver, where the cost of living is high, serviced apartments typically command a high price tag.
Apartments within business districts and downtown areas are also known to cost more than options in the suburbs.
Closeness to local side attractions like major restaurants, cinemas, and amenities like public transport and parks may also spike the price of corporate housing in an area.
2. Stay Duration
Corporate housing providers are often willing to negotiate slight reductions in cost depending on your stay duration. Stay duration falls into the following categories:
- Short-term stay (1-3 months)
- Mid-term stay (3-6 months)
- Long-term stay (6+ months)
You are likely to get a lower price for longer stays, which offer the best value for money. This cost-determining factor depends entirely on your housing provider and their lease policies.
3. Seasonality and Demand
Corporate housing prices fluctuate all year round in sync with the business seasons and housing demand from business travelers.
Corporate apartment prices typically rise during peak business seasons, around spring and fall and crash during the summer months as business-related travels reduce and vacation travels increase.
Major events like sports tournaments, festivals, and business conventions also increase housing demand, resulting in a spike in corporate housing prices.
4. Amenities and Services
The grade of amenities available in a corporate housing apartment also affects its listing price. Basic amenities like furniture and internet access are often included as part of the base all-inclusive package and pricing.
However, additional amenities like gyms, parking, and concierge services may raise the cost of corporate housing apartments by a considerable margin.
Standard Coverage of a 30-day Lease: What to Expect from a Corporate Housing Apartment
Are you curious about what features and amenities you’ll be getting at these prices?
Corporate housing apartments have different amenities, varying from one corporate housing provider to the next. Here’s a list of the basic features to expect from a standard corporate housing unit:
- Furniture and Houseware
- Utilities and Wi-Fi included
- Housekeeping Services
1. Furniture and Houseware
Corporate housing units come fully furnished and fitted with all the gadgets and appliances necessary to replicate a homely atmosphere. Furniture, kitchenware, bed linen, and even decorative pieces are common in serviced apartments.
2. Utilities and Wi-Fi included
Standard corporate housing units are equipped with utilities like cable TV, water, heating, electricity, and Wi-Fi as part of the package.
This removes the need to make separate payments for necessary day-to-day utility requirements.
More luxurious and costly serviced apartments may provide access to additional facilities such as an in-house gym, residents’ lounge, and even coffee/bookshop attachments. Access to these additional utilities may come at an added cost.
3. Housekeeping Services
Most corporate housing packages include regular daily housekeeping and cleaning services. These services ensure that you enjoy your stay in a clean and hygienic environment at no extra cost or effort.
Other Potential Costs
It is important that you take other likely costs into consideration before getting a corporate housing apartment. Extra charges you are likely to incur while leasing a corporate housing unit include:
- Security Deposits
- Lease modification fees
- Smoking Penalty
1. Security Deposit
Most corporate housing providers require an upfront security deposit before you get to move into the apartment. These deposits are usually around a few hundred dollars and may depend on the duration of your stay.
The good part is that security deposits are guarantee fees and are usually refunded after your stay, provided that no damages or outstanding payments are incurred.
The security deposit sum for CorporateStays is $1000 CAD.
2. Lease Modification Fees
Corporate housing lease terms are flexible and can be terminated or extended on short notice. However, these modifications usually come at a price.
CorporateStays charges an administration fee of $50 CAD for stay cancellations and extensions.
3. Smoking Penalty
Corporate housing providers may have strict regulations on smoking activities within the property. This fee is aimed at preventing activities that may lead to potential fires or endanger the health of other tenants.
CorporateStays has a no-smoking policy and will charge you a $500 CAD penalty if you fail to comply.
For other potential costs specific to CorporateStays.com, read through our Terms and Conditions.
Corporate Housing vs. Hotels: Cost Comparison
Corporate housing is not the only temporary housing option on the market. Short-term options like hotels are also popular..
How do the costs of corporate housing compare with those of hotels?
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Corporate Housing vs. Hotels
Hotels are excellent and offer top-level hospitality services. However, on the subject of costs and value for money, corporate housing stays above hotels as they offer better long-term deals.
Corporate housing grants you access to a homelike environment and basic day-to-day amenities at an all-inclusive price.
Hotels, on the other hand, charge primarily for reservations, leaving you to sort out most of your amenities and day-to-day requirements on your own and at an added cost.
The table below shows a summarized comparison between corporate housing and hotels.
| Corporate Housing | Hotels | |
| Cost | Moderate for long-term stays | High for long-term stays |
| Convenience | Home-like environment | Full service and amenities |
| Space | More living space | Generally, less space |
| Average pricing | Around $3,000/month for an all-inclusive plan and access to basic day-to-day amenities | $100 – $300/night just for reservations.
Additional costs may be incurred for other amenities. |
| Ideal for | Long-term stays | Short-term stays |
Why Corporate Housing Is Worth It: 3 Benefits of Staying in Corporate Housing
Still unsure about the great value-for-money corporate housing represents? Here are three perks that make corporate housing totally worth the cost:
- Comfort
- Privacy
- Local Living Experience
1. Comfort
In line with the home-away-from-home idea, corporate housing apartments have separate living units, bedrooms, full kitchens, and other essential amenities. Thus providing you with all you need to have a comfortable stay.
2 Privacy
Compared with hotels and other accommodation options, furnished apartments offer a more personalized and private lodging experience, prioritizing your convenience and access to a home-like environment.
3. Local Living Experience
Corporate housing apartments are situated in areas that allow you to live like a local throughout your stay. If you have an extended stay period, corporate housing is your best shot at proper integration into the local community.
How to Book Corporate Housing from CorporateStays.com
Now that you’re convinced that corporate housing is the best temporary housing option for you financially, it’s time to book your first CorporateStay apartment.
As with other corporate housing providers, booking an apartment from us involves a booking process and payment/lease terms.
Booking Process
Booking an apartment from us involves a pretty straightforward process:
- Pick out your preferred location
- Select an apartment listing
- Make your reservation.
We allow you to take a virtual tour of the apartment with our “Watch Video” option. You also get a detailed overview of the area and any side attractions you may want to indulge in during your stay.
Book a furnished rental apartment and enjoy luxury amenities and a luxurious lifestyle.
Payment and Lease Terms
We lease out our apartments on a 30-night basis, with set rates for different apartments and locations. Prices are attached to each apartment listing.
Although our lease prices are rated on a 30-day basis, our lease terms are flexible with policies that govern early termination or stay extensions.
Take a look at the terms and conditions that govern our lease and payment procedures.
Conclusion
Corporate housing costs differ based on apartment size and other factors like location, stay duration, demand, and the amenities offered.
The national average cost of leasing a corporate housing unit ranges from $3000 to $4,500 CAD. For this price, you get a fully furnished apartment with access to utilities and housekeeping services.
CorporateStays.com gives you a shot at leasing an extended-stay apartment that’s completely worth its price tag. Book an apartment today!