Caban | Aqua | MOvala
Property Rental Guide
INSIDE KELOWNA’S EXECUTIVE RENTAL MARKET
As a property investor navigating today's evolving rental market, you're likely facing important decisions about maximizing your condo investment. We understand that many owners are rethinking their strategies due to recent changes in STR regulations and high interest rates.
At Keys to Kelowna, we specialize in helping investors like you quickly transform their properties into high-performing, executive rentals in Kelowna and across the Okanagan Valley. This guide is designed to provide answers to your most pressing questions. Whether you're exploring the benefits of furnished rentals or looking to understand the financial impact of your decisions, our goal is to equip you with the information you need to consider.
While this page will outline what we do, the how remains part of our premium services. With our expert team and exclusive design services, your property will be perfectly positioned for success in today's market and beyond.
Disclaimer
The information provided in the New Condo Launch Hub is intended for educational and illustrative purposes only and does not constitute a guarantee of rental income, occupancy rates, or financial returns. Keys to Kelowna does not offer legal, real estate, tax, or investment advice, and the materials herein should not be considered a substitute for professional consultation. Real estate investments, including furnished executive rentals, carry risks, and outcomes may vary. We strongly encourage owners and investors to conduct thorough due diligence before making any financial decisions. All investments, including real estate, is speculative in nature and involves substantial risk of loss. We encourage owners and investors to take careful considerations. Please note: not all submissions may qualify for our management or design services.
HAVE A HOME YOU WANT TO SUBMIT TO OUR EXECUTIVE RENTAL PORTFOLIO?
While this guide is specifically designed for condos at Caban and Aqua, we also accept homes outside of these residences for extended stays and short term rentals. Our team can still provide design services for your executive rental property if required.
Explore the topics below that are specific to your investment property at Caban, Aqua or Movala. When you're ready to take the next step, remember that we're here to help you unlock the full potential of your investment.
Design: Kyla Ray Creative | Photo: Janis Nicolay
EXECUTIVE RENTALS EXPLAINED
Discover the three types of guest rentals and why furnished, executive rentals are key to your property’s success.
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An executive furnished rental is a fully furnished, high-quality rental property designed to cater to corporate professionals, business travelers, and temporary relocations. They provide a turnkey solution typically available for stays of 30 days or more, and come equipped with everything a guest needs from furniture to kitchen essentials. This allows owners to benefit from higher rental income and access high-end, reliable guests.
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The main difference between rental types is the amount of time a guest stays and their purpose for visiting.
Short term rentals are usually 30 days or less for guests seeking leisure and vacation, whereas executive rentals are around 1-6 months for professionals and corporations who require high-end, temporary accommodations.Tenancies are for guests looking for more permanent housing.
At Keys to Kelowna, we offer guests high-quality, furnished executive rentals. As part of our vetting process, we work closely with corporate partners and guests who are seeking temporary accommodations due to work or relocations.
It’s also important to note, 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. At Keys to Kelowna, we do not provide homes or condos to individuals seeking primary or permanent residence in the home.
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Furnishing your condo for executive rentals offers several key advantages:
Higher Rental Income:
Furnished units command significantly higher rents, especially from corporate and professional guests willing to pay for convenience and comfort.Attracts High-Quality 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.Flexibility for Personal Use:
When the property isn’t rented, you can use it yourself.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.
Although furnished rentals have higher start-up costs and less predictable monthly income, unfurnished units may attract long-term tenants at significantly lower rates.
Design: Kyla Ray Creative | Photo: Christine Pienaar
FURNISHING STANDARDS AND COSTS
The route to furnishing your condo or property and ensuring you stand out in a competitive market.
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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 design requests during this period. Shopping lists and mandatory items for self-furnished units may be available for purchase at a later date.
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The furnishing process is led by our interior design partner 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
Further details will be provided in your design consultation should you choose to move forward with the next step.
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The furnishing process typically takes 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 your design consult, we provide approximate install dates and order commitment cut-off dates to ensure timely and efficient deliveries.
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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.
Design: Kyla Ray Creative | Photo: Janis Nicolay
INTRODUCING KYLA RAY CREATIVE
At the heart of every high-performing vacation rental lies a thoughtfully designed space that resonates with guests. That's why we're excited to introduce our exclusive interior design partner, Kyla Ray, the creative director of Kyla Ray Creative. With her global expertise and visionary approach, Kyla leads the design of our newest properties.
The team at Kyla Ray Creative doesn't just design spaces—they craft experiences. With a background in managing large-scale, turnkey projects for residential clients and developers, their designs are curated to meet the elevated standards of today's guests. It isn't just about aesthetics; it's about forging an emotional bond between your guests and the space—one that ensures they'll return time and time again.
For investors aiming to attract high-caliber guests, don't miss this opportunity to join our affluent portfolio. With turnkey solutions tailored to your individual unit, now is the time to position yourself for success. Our team is here to help you elevate your investment and launch an executive rental that stands out in a competitive market.
Design: Kyla Ray Creative | Photo: Janis Nicolay
RENTAL REVENUE PROJECTIONS
Browse real-time stats and learn more about the rental market in Kelowna, West Kelowna, and Lake Country.
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The local digital classifieds reported that the average asking price for rentals in the Central Okanagan in November 2024 for:
one-bedroom was $1,543
two-bedroom was $2,324
Advertised Unfurnished Condo Rental Rates shared by Vantage West Property Management
| 1 Bedroom | 2 Bedroom | 3 Bedroom
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Luxury | $2,200 | $2,750 | $3,600
Average | $1,750 | $2,000 | $2,650
Basic | $1,650 | $1,800 | $2,300
Last updated December 15, 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 activity) 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 over one year 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)
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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, Caban and Movala 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.
Design: Kyla Ray Creative | Photo: Christine Pienaar
OUR EXCLUSIVE MANAGEMENT SERVICES
Explore more about eligibility for our portfolio and how to submit your condo or property.
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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.
Is your property solely an investment? We prioritize units purchased with a clear focus on maximizing rental income.
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.
Can you weather market fluctuations? We seek clients who are financially stable and prepared to handle potential downturns or unexpected changes.
Does your unit have any major obstructions? Properties with clear, appealing views and minimal distractions like construction or busy roads are preferred.
Do you have designated parking? Convenient parking is crucial for our executive clientele and can significantly impact a property’s desirability.
Are you comfortable allowing pets? Offering pet-friendly accommodations can broaden your appeal to corporate clients and increase occupancy rates.
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 the above criteria and you're committed to achieving premium rental returns, we invite you to apply for consideration.
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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.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.Review and Sign the Contract
After your consultation, 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.