REAL ESTATE DEVELOPMENT SERVICES

When Renting An Apartment.

Consider The Furnished Alternative.

Are you thinking about an executive apartment in Toronto or the Greater Toronto Area (GTA), for yourself or one of your employees? Have you considered rental housing in a furnished corporate suite? This article explores the comparative advantages of furnished and unfurnished apartments, in order for you to make an informed decision. There are several rules of thumb you can apply when considering which type of residence is best for you. In general,

• If your company is paying for you to stay in a location from 3 to 36 months, or anticipate several moves over the next 5 years, it is more economical, and convenient, to rent a furnished suite, with storage rental for your existing furniture, appliances etc.
• If you are planning to stay more than 5 years, it is probably better to rent an unfurnished apartment and furnish it yourself.
• Furnished rental housing is more appropriate for those making over $85k. (The recommended rent should not pass 36% of your gross income, with average prices of monthly furnished rent at $3000/month)
• • you want a new and modern environment for life and work, but your workload is such that you can’t be bothered with the hassle of setting up and maintaining such a lifestyle, you would probably benefit from the convenience of a furnished apartment.
  Yes, the basic rent for a furnished suite is more than for an unfurnished equivalent. But when all factors are considered, the furnished alternative can actually save you money. Along with furniture, utilities and appliances, the best furnished apartments include artwork, housekeeping, parking and many other conveniences. Click here for a detailed comparison of typical furnished vs. non-furnished executive suites in Toronto and the GTA. Of course money is important, but the main benefits of furnished housing come from the time you save.
  Moving to a new residence is always a hassle. You need time to set up, move, hire, relocate, acclimatise, and finally just get back to work. And once you’re settled in, you need work downtime and personal time. Your home should be a place of recovery from work, where you can rest, relax and recharge. Your physical, emotional and spiritual health depend on it. You shouldn’t have to be worrying about the trivia of everyday things.
  There is always something emotional about ownership. Most people aspire to own a home, for example, or a vacation property. They may have treasured belongings such as art or antique furniture. But if your career is at a stage where frequent moves are the norm and living in your own home is not an option, there are many necessary items that are just not worth owning. Everyday furniture and household appliances, for example, have to be moved regularly, depreciating all the while. It is much more convenient to have all these things waiting for you in your new apartment every time you make that move. And rather than carting around and possibly damaging your valued possessions, they can be stored safely and economically, awaiting your return to a more settled life.

  Other factors to consider:

  • Who is paying – is the company or are you? how will this affect cashflow, budgeting and timing of your move?
  • Find out what your industry, position is getting in terms of “relo” packages.
  • Neighbourhood selection (a pre-move visit to your destination city to uncover an ideal location, agents, communities)
  • • dentify transportation routes, business, retail centers, and any safety concerns)
    • 
      
      
      • Are you analyzing cost or are you looking for value? A higher price point may save you more money in the medium or long term. Do you need more flexibility and a shorter term lease? if so, be prepared to pay a bit more for a short-term lease because of additional service provider transaction costs (re-renting fees, agent commissions, leasing costs).
      • Requirements vs preferences – understand how your requirements affect your business, work or health and cost considerations. If your budget is tight, reconsider what your needs truly are and reframe them as “wants”.
      • If your budget is easing up, then a little less scrimping will make you a happier person. This in turn will probably make you more effective at work, and your mental and physical health will improve as well.
      • In summary, there are many factors when deciding whether a furnished or an unfurnished apartment is more suitable for you or your employees. A balanced approach is suggested, weighing multiple alternatives before making the final decision.

        About Toronto

        Toronto is North America’s fifth largest metropolitan center after Mexico City, New York, Los Angeles, and Chicago. It is also North America’s third largest financial center. The city’s population, including the GTA, is roughly 5.6 million citizens. It is home to Canada’s largest immigrant population where over 100 languages are spoken… second only to Miami, Fl. Toronto is known as the world’s condominium capital, surpassing Florida, and has strong biosciences, design, arts and entertainment, financial services and manufacturing clusters. The province of Ontario is home to the three top educational institutions: Queens, University of Toronto and York University, ranked 1, 2 and 3 worldwide by BusinessWeek. These are some of the best places to live if you are looking for an apartment:
  •