An executive furnished rental is a fully furnished, high-quality rental property designed to cater to corporate professionals, business travellers, and temporary relocations. These rentals are typically available for stays of 30 days or more, and come equipped with everything a guest needs, from furniture and decor to kitchen essentials and linens.

Executive rentals provide a turnkey solution, offering guests the convenience of moving in without the hassle of furnishing or setting up a space, while owners benefit from higher rental income and access to high-end, reliable guests.

Short-term rentals are defined under the BC STRA Act as accommodations provided to members of the public in a host's property, in exchange for money, for a period of less than 90 consecutive days.

In general, a booking made on a short-term rental platform is not covered under the Residential Tenancy Act however, there are circumstances in which a tenancy may be established.

A part of our vetting process at Keys to Kelowna, we work with corporate partners and guests who are only seeking temporary accommodations and are not typically provided to individuals seeking primary and permanent residence in the home.

Furnishing your condo for executive rentals offers several key advantages:

1. Higher Rental Income: Furnished units command significantly higher rents, especially from corporate and professional guests willing to pay for convenience and comfort.

2. Attracts Higher Calibre Guests: We work with professionals who specialize in corporate placements, large brands seeking employee housing, film productions, and because of our price point we attract a higher-quality guest pool.

3. Flexibility for Personal Use: When the property isn’t rented, you can use it yourself.

4. Market Adaptability: Furnished units are ready for potential shifts in short-term rental regulations, allowing you to capitalize immediately if conditions change in favour of allowing short-term rentals again.

Cons: Furnished rentals have higher start-up costs and less predictable monthly income, while unfurnished units may attract long-term tenants at significantly lower rates.

While you are welcome to furnish your own unit, we are unable to guarantee placement in our portfolio until the installation is fully complete and we’ve had a chance to review it.

To maintain brand standards, preference will be given to properties furnished by our interior design partner. This approach ensures each unit appeals to our target market and we eliminate guest preferences based on individual furnishings, allowing us to evenly distribute reservations and maximize occupancy across the portfolio.

Rest assured, you will still have the opportunity to choose from customized design concepts tailored to your unit and its unique finishing package, allowing for a personal touch in the final design.

Please note: given the large volume of new developments launching simultaneously, we will not have the capacity to provide individual consultations during this period. Shopping lists and mandatory items for self-furnished units may be available for purchase at a later date.

The furnishing process is led by a professional interior design agency with extensive experience launching vacation rental developments. This expertise ensures that each unit is designed to maximize its appeal and rental potential.

We work directly with trade-only suppliers, allowing us to provide unique, high-quality items while saving on traditional retail markups. This approach not only delivers distinctive designs but also reduces overall costs.

A comprehensive budget for the property will include everything necessary for a complete and professional setup for a fast launch.

The cost for the launch packages is as follows:

• 1 Bedroom: Starting at $28,000

• 2 Bedroom: Starting at $35,000

• 3 Bedroom: Starting at $55,000

More details will be provided in the design consultations when you move forward in the next steps.

The furnishing process typically takes approximately 8 weeks from order to delivery.

With the Christmas rush affecting distribution, trades, and suppliers, along with a likely price increase in the new year, it's essential to place orders now before rates rise.

Although possession dates for some units may not yet be confirmed, we offer free storage for the furniture, allowing us to hit the ground running when we can coordinate installations in the new year.

During the design consult, we will be providing approximate install dates and order commitment cut-off dates to ensure timely and efficient deliveries.

What Our Designer Takes Care Of:

• Comprehensive Design Concept: Tailored to your unit’s floor plan.

• Sourcing Furnishings and Decor: High-quality, trade-only items selected.

• Coordinating Deliveries: Managing all delivery schedules to ensure seamless, on-time installation.

• Furniture Assembly and Arrangement: Overseeing the assembly and proper placement of all furniture and decor.

• Providing Essentials: Selecting and supplying kitchen essentials, bed linens and bath linens.

• Handling Damages and Replacements: Managing any issues with damaged items, replacements, or returns.

• Staging: Professionally staging the unit for photography.

• White-Glove Service: Full-service delivery, installation, setup and waste removal.

• What We Handle as Your Management Company:

  • Conducting Deficiency Walk-Throughs: Performing a detailed walk-through with the developer to identify any deficiencies in the unit.

  • Retrieving Keys: Collecting the keys from the developer on your behalf.

  • Coordinating Move-In with the Developer: Managing the move-in elevator reservations.

  • Reporting and Managing Deficiencies: Reporting any issues to the developer and coordinating tradespeople to repair the deficiencies.

  • Facilitating Access for Trades: Managing access to the property for tradespeople to complete any necessary repairs or touch-ups.

  • Installation of Safety and Security Equipment: Ensuring all necessary safety and security measures are properly installed and functional.

  • Coordinating with the Design Team: Communicating with the design team to ensure they understand and implement all necessary safety and security requirements.

  • Recording Initial Inventory: Keeping track of all items in the property to ensure everything is accounted for and in place.

  • Post-Installation Cleaning: Arranging professional cleaning after installation to prepare the unit for occupancy.

  • Photography Production and Staging: Collaborating with design team to stage the unit and produce high-quality photography.

  • Marketing and Publishing the Listing: Publishing the listing online and distributing it to our network of marketing partners.

The local digital classifieds reported that the average asking price in July for:

• one-bedroom was $1,617

• two-bedroom was $2,256

Advertised Unfurnished Condo Rental Rates shared by Vantage West Property Management

| 1 Bedroom | 2 Bedroom | 3 Bedroom
----------------------------------------------------
Luxury | $2,200 | $2,750 | $3,600
Average | $1,700 | $2,000 | $2,650
Basic | $1,650 | $1,800 | $2,300

Last updated October 28, 2024

The projected annual GROSS revenue provided is for illustrative purposes only and is not guaranteed. These estimates are based on revenue earned in past and current market conditions and are subject to change.

While executive rentals offer the potential for higher returns, they also come with increased risk compared to traditional long-term rentals. Factors such as market saturation, guest demand, and property-specific conditions (ie: construction) can impact actual earnings.

The numbers below are based on actual earnings from lower performing properties to the top performers in our portfolio. The median average is based on all of our properties earnings from 2023 and 2024 earnings. Our average occupancy rate across the portfolio is 75%.

• 1 bedroom - $30,000 to $44,000 (median average $35,800)

• 2 bedroom - $31,000 to $54,000 (median average $49,700)

• 3 bedroom - $44,000 to $59,000 (median average $55,800)

Typically, a licensed property manager in British Columbia managing a long-term rental takes 50% of the first month and 10% of the rent for every month afterward.

With short-term vacation rentals and mid-term executive rental management, our commissions are fixed and based on the gross rental revenue that the property earns.

For a limited time, Aqua and Caban investors will be offered a 25% management fee based on the total gross rental revenue. We are considering a rate increase for new contracts signed in 2025.

What sets us apart is our hands-on expertise and strategic connections. With over 20 years of experience hosting executive rentals, we’ve built exclusive relationships with placement agencies across Canada, making us the first call when executives are looking for accommodations in Kelowna.

We actively hunt down leads and keep our finger on the pulse of the city, always staying ahead of market trends and guest opportunities.

Our engagement with local politics and professional host groups allows us to collaborate and share leads, ensuring we’re at the forefront of the market.

For investors looking for a partner who is passionate, proactive, and highly connected, we’re the best choice to maximize returns in this ever-changing market.

We work with a select number of properties, ensuring each one meets our high standards and is positioned to excel in the competitive rental market. If you're considering applying, here are the key factors we evaluate to determine eligibility.

1. Is your property solely an investment? We prioritize units purchased with a clear focus on maximizing rental income.

2. Are you ready to invest in a professional furniture package? High-quality, well-designed furnishings are essential for attracting executive renters and maintaining our portfolio standards.

3. Can you weather market fluctuations? We seek clients who are financially stable and prepared to handle potential downturns or unexpected changes.

4. Does your unit have any major obstructions? Properties with clear, appealing views and minimal distractions like construction or busy roads are preferred.

5. Do you have designated parking? Convenient parking is crucial for our executive clientele and can significantly impact a property’s desirability.

6. Are you comfortable allowing pets? Offering pet-friendly accommodations can broaden your appeal to corporate clients and increase occupancy rates.

7. Did you purchase more than one unit? Managing multiple units can streamline the process and increase your portfolio’s overall success.

If your property meets these criteria and you're committed to achieving premium rental returns, we invite you to apply for consideration.

1. Fill Out the Application Form
   Begin the process by completing our eligibility form. This will help us assess if your property is a good fit for our portfolio.

2. Schedule Your Consultation
   Once your form is submitted, you’ll have the opportunity to book separate calls with Keys to Kelowna and Kyla Ray Creative. During these calls, we’ll discuss your goals, property details, and how we can best position your unit for success.

3. Review and Sign the Contract
   After the consultations, we’ll send over a contract outlining our services and terms. A deposit will be collected at the time of signing to secure your place in our exclusive portfolio.