Companies involved in the energy, construction and infrastructure industries often have large fluctuations in their work force, which is highly dependant on the nature and the timing of the projects they win from their clients.
Toronto is currently the most active city in Canada in terms of development and public works projects, with simultaneous large-scale projects happening within the city at any given time, lasting anywhere from a few months to several years. Finding all the human resources needed to successfully complete these projects can sometimes be a challenge for the companies involved, especially at the more senior levels (engineers, project managers, etc).
In these cases, companies are usually finding that they have to temporarily “import” employees from other cities. Upon arrival, these highly paid, highly trained contract staff will be in need of accommodations for the duration of their work. Traditionally, hotels have acted as the obvious choice for this, but more recently another option has increasingly filled this need – furnished corporate apartments. Companies operating in Toronto are turning to fully furnished, fully serviced luxury short-term rentals, such as the ones advertised on torontofurnishedrentals.com, because they offer several advantages over a hotel, including significantly lower costs, more living space and the convenience of an ensuite kitchen and laundry.
These furnished apartments typically require a one month minimum, which means companies can rent them on a month-to-month basis. However, the cost saving are even higher for companies that can commit to longer terms (such as 1 year or more).
In some cases, companies who have employees that are rotating in and out of a project every few months may still choose to rent a corporate housing suite with a long-term commitment. This way, they can benefit from long-term discounted pricing, by simply having 2-3 different employees stay in the suite at different times. Even with gaps in their employee’s dates of move-in and move-out (during which the suite remains empty), the costs typically still work out to be much lower that renting a hotel for those exact dates.