Airbnb in OntarioBy

Airbnb in Ontario

Theresa Grant Real Estate Columnist Airbnb was started by a couple of guys in San Fransisco in 2007, who were broke and looking for ways to pay their rent. Knowing that an upcoming convention had all the hotels in the city booked solid, they purchased air mattresses, started advertising, and Airbnb was born. All these years later, Airbnb has over 7 million active listings in 220 countries and is a publicly traded company worth over 98 billion dollars! If you’ve ever thought about jumping on the Airbnb bandwagon, the first thing you should do is check with your local government authorities to make sure you don’t run afoul of any Bylaws or regulations. Short-term rentals are subject to very specific regulations in most areas. Depending on your set up, there can be a substantial investment of time and money to get going as an Airbnb host. You may need to hire a cleaning person to maintain cleanliness and readiness between guest stays. A handyman may also be needed from time to time to take care of anything that pops up needing immediate attention. Airbnb rentals generally yield higher returns compared to long-term rentals as they charge by the night, like a hotel does. An Airbnb can be anything from a spare bedroom in the house you live in to a completely separate apartment or house that you have as an investment property. Airbnb is a very popular platform in The GTA. Toronto has the most listings, but ranking very popular are places like Niagara Falls, Stratford, Prince Edward County, St. Catherines, Hamilton, and yes, Oshawa is in there with 112 active listing on the Airbnb platform. You can also be a part of the Airbnb platform without owning property. Airbnb has a network of service providers for both guests and hosts. On the guest side of things, providers offer services like home cooked meals, fitness classes, yoga, massage, tours, lessons and activities just to mention a few. As far as hosts go there are a myriad of services from Co-hosting, ideal for a host who has more than one property or who is just very busy. Property management and property maintenance, cleaning and photography. You can become an Airbnb consultant and work with hosts to provide or improve branding, develop marketing plans and implement new technologies. The Airbnb model is pretty simple, they take a percentage of whatever you charge for rent. Of course, to have your space booked regularly you’ll have to stay competitive. There is a variety of insurance coverages for hosts and properties. Airbnb’s AirCover covers both hosts and guests for liability, property damage and cancellations. Many people rent out seasonal properties on the Airbnb platform to help pay for the property or just for extra income. A lot of older family cottages that have seen better days are now being renovated to bring them up to date and add all the bells and whistles that will be sure to bring in big dollars. More and More families are looking for beautiful waterfront cottages, with a hot tub, watercraft, toys, and trails. Airbnb can be very lucrative. Whether it’s that spare bedroom across the hall or a big city condo. It might be worth investigating. Questions? Column ideas? You can email me at newspaper@ocentral.com