Additional Property Transfer Tax on Residential Property Transfers to Foreign Entities in British Columbia, Canada…
Corporate Condo Rentals in Downtown Vancouver Explained!
Renting out condos in Downtown Vancouver is a very popular investment option.
Everyone knows you can rent a property unfurnished and some people know you can do a furnished rental, but there is a third option: Corporate Rentals.
I had the absolute pleasure of interviewing Wendy Galati of High Street Accommodations on corporate accommodations in Downtown Vancouver and here’s what she had to say!
What is a Corporate Rental in Downtown Vancouver?
A corporate rental in downtown Vancouver is a hybrid between a fully furnished apartment for long term stay and an executive long term hotel stay. It’s a condo that’s furnished and equipped to the corporate accommodation companies (high) standards.
Who tends to stay in these apartments?
We target predominantly high-end executives, we do some film but predominantly, 12 months of the year, we are looking more within the insurance demographic, people who have been displaced from their home due to flood or fire, and we make a great option versus bringing two kids and a wet dog to a hotel and trying to figure out what to do with the bacon and eggs. So instead of staying in a hotel and having your insurance company pay for it, if your condo gets burned out or flooded, you can stay in a condo where you can have some normalcy, getting back to normal life, and you can cook and all of that sort of stuff. Not only that but inside a High Street, we offer a very robust product, so things like housewares, kitchenware, linens, 24-hour concierge service, maid services are included.
So if someone has a condo in Downtown Vancouver and they wanted to work with you, you guys have a standard package that you’d like to see go into an apartment and you have certain requirements, so they can call you and you can get them set up?
We can be as participative as an owner would like, we either have very specific guidelines and standards as to what kind of furniture and what is included in a kitchen wares package and we would certainly assist them to do that if that’s what they desired, but more often than not, we find that we have a design and development department, that takes care of what we call FFE, Furniture Fixture and Equipment, and that way not only is it quicker we find that from the time we get keys to the time we put a head to a bed is about 7 days on average, so we can purchase on behalf of the owner all of the necessary items, take care of the whole thing, and make it like a one stop shop. Totally turnkey option.
Now, if someone owned a condo in Downtown Vancouver and wanted to work with you, would they be signing a tenancy agreement with the people staying in the apartment or with you?
Well, in the first scenario where the owner would sign with a tenant or a guest, it would be more of a property management scenario. With us, we become the tenant on a minimum 12-month basis and that way we are able to mitigate some of the risk for an owner as well. Because if you think of in terms of having a stranger inside your house, we are then responsible for care and content, and a couple things happen inside that. Number one, we can make sure the property stays at an absolute premium, in terms of decor, wear and tear, and that sort of thing. Because we are inside the apartment every two weeks, we are able to manage that process for them, and it also reduces risk in terms of loss of items, damage incurred, that sort of thing.
For more information on Corporate Rentals in Vancouver go to www.hscr.com, or call Wendy Galati at 604.605.0294
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