Where It All Began
Sky View Suites was launched in 2004, when the founders of the company were reviewing the performance of their first investment property and realized that a traditional unfurnished lease was leaving them with negative monthly cash flows. At that time, the furnished rental market in Toronto was relatively small, but having traveled to Europe, the founders were aware of the furnished apartment concept. They decided to invest in furniture & decor, register a company name and marketed their condo as a corporate housing solution.
Their first furnished tenant was a success and that encouraged the purchase of two more investment properties. Luckily, Toronto condo prices were still low and the banks were still lending money freely. Within a couple of years, the company had three personally owned properties under management.
The company’s first big break came in 2006 when Alstom.com (a global infrastructure conglomerate) contacted us through a craigslist ad, asking to rent several furnished condos for two years near their new infrastructure project in the Port Lands area (a 5 minute drive from downtown Toronto). In order to win the business, we contacted dozens of individual property owners that were also advertising fully furnished condos for rent. After some thorough due diligence, a handful of properties were selected and the Sky View Suites Leasing Program was born. Most of these investment properties are still being managed by the company today.
By the end of the Alstom project, the company had evolved from a fun part-time hobby to a full-time endeavor. Over the next few years, the company grew rapidly due to a combination of work ethic, client focus and strategic partnerships.
During this time, fiscal discipline (combined with impressive online marketing efforts) helped to attract investors and allowed the expansion of a higher-margin program, where Sky View Suites directly invests capital in the furniture & décor of the properties we manage. To this day, the company has no external debt and operates on strong reserves.
This new program drove even faster growth, attracting further investment that financed the acquisition of a key competitor (torontofurnishedapartments.com). The acquisition was completed on August 1, 2017 and earned Sky View Suites a spot amongst one of the largest furnished rentals companies in Toronto. Part of the acquisition included a prominent ground-floor store-front location on 142 Simcoe Street in downtown Toronto.
Over the years, we have continued to improve our properties. Having gone through several iterations of furniture & décor has helped us become one of the leading providers of furnished apartments and short term rentals in Toronto. The decision to keep the furnishing & décor work in-house and continue investing in the quality of our interiors has generated many satisfied clients. You can take a look at a gallery of our beautiful furnished apartments.
It amazes us to look back and realize just how much we have learned since 2004. At times, it has been a humbling experience that has helped us understand the value of continuing to learn and the importance of welcoming client feedback and suggestions.
One vital lesson we have learned over the years is that while we may deal in numbers and technology, a company thrives on people. People, unlike other assets, do not depreciate. They are the only lasting competitive advantage and the biggest driver of forward momentum for any company.
Our philosophy stems from our team’s personal experiences as both furnished rentals tenants and investment property owners. We believe our future success will continue to depend on our ability to provide value to our clients and develop partnerships with people who share our vision. This principle is embedded throughout all areas of the organization and stands at the root of our company’s culture.
Today, Sky View Suites remains a privately owned Canadian company and has become a leading member of the Toronto furnished rentals industry. We have expanded our scope to include complementary offerings, such as relocation and real estate consulting. Our team currently consists of five dedicated partners and several key support staff.