It’s no secret that homeowners are taking advantage of the seller’s market to pull the equity out of their houses. Some sellers are choosing to wait out the current market in a rental property, hoping the prices will calm down before they buy again.
The heightened pace of activity is also occurring for rental properties. Hoping to capitalize on the intense market activity, more landlords are choosing to sell after tenants vacate rather than re-renting to new occupants.
This has created more competition in the rental market, as these properties are pulled from inventory, leaving fewer options for renters.
But there is a third, little-known option that is becoming more popular: extended stay hotels.
Extended Stay Hotels
Many of these properties include complimentary daily breakfast, free parking, free Wi-Fi, weekly housekeeping service, a fitness centre and pool, laundry service and a business centre.
In fact, these hotels bring all the comforts of home at prices that rival monthly rent, all for much less of a time commitment than a typical landlord requires. Instead of a standard 12-month lease, extended stay hotels serve clients on a daily, weekly, or monthly basis.
The affordable price point is making extended stay hotels a very attractive option for homeowners in between houses, for families waiting for homes to be completed, and for others relocating their families into the GTA for a new job.
Some home sellers are even choosing extended stay hotels to relax in for a week or two while their home is on the market. Being offsite provides the opportunity to stage and showcase the home for what can be multiple showings per day without the inconvenience or hassle of coming and going during the process.
The rooms are fully equipped with kitchens and designated living areas within the suites, and most hotels are located near major highways, providing for an eventual commute back to the office.
Christina Anderson, Regional Director of Sales & Marketing for the Bayview Hospitality Group of Hotels tells us, “We have guests that stay with us for a year or more, whether relocating or waiting for the completion of their new home.”
Homewood Suites by Hilton offers studio, one-bedroom, two-bedroom and accessible suites to meet the needs of all manner of clients. A preliminary monthly stay at Homewood Suites start at $2,680 (HST included, rate subject to change without notice) and includes everything most tenants would need, with the added bonus of complimentary breakfast every day.
Since there are no added utility costs to consider, and because the time commitment is so much more flexible than a standard lease, more consumers are choosing extended stay hotels in between addresses.
Holly Doering, Director of Sales for the dual Homewood Suites and Hampton Inn by Hilton Toronto Airport Corporate Centre hotels adds, “Another benefit to choosing our extended stay hotels is the Hilton CleanStay program and earning Hilton Honors points with the Hilton Honors Loyalty Program.”
Lisa Mitrovic, Sales Manager at the Homewood Suites by Hilton shared a comment from a recent guest that stayed for several months at a time, “Great hotel and staff. I was there so long it really felt like home. The ladies that serviced my room were amazing, patient and thoughtful.”
Anderson sums up the extended hotel stay option by saying, “Our hotels are perfect as the first address in a new town or a temporary residence while awaiting your new dream home.”
For more information on Homewood Suites, click here to request a pdf, visit their websites below or contact their sales departments directly.***
Regional Director of Sales & Marketing
Homewood Suites by Hilton Toronto/Oakville
& Bayview Hospitality Hotels
Holly Doering, Director of Sales
Homewood Suites and Hampton Inn by Hilton
Toronto Airport Corporate Centre
Lisa Mitrovic, Sales Manager
Homewood Suites by Hilton Toronto-Mississauga
Subscribe to Monthly Newsletter
Explore More Articles
Daily Listings to Your Inbox
What's Your Home Worth?