Due to COVID-19, nearly every industry in the world has been impacted for better or worse, and as a result, have had to adapt to municipal health and safety regulations of their region. With far fewer tourists entering the city, fewer people traveling to the downtown core for business, it has become much more competitive for Toronto property owners to attract long-term tenants at a good price. The short-term rental management in Toronto is making things easier for property owners.
There hasn’t been a better time to be a renter in downtown Toronto in years. For example, the vacancy rate in the city has hit a 50-year high, and year-over-year prices are down in a big way. According to the Rentals.ca February 2021 Rent Report, the average rent for a one-bedroom in Toronto is down 21.9%.
In addition to covid lockdowns, government regulations on the short-term rental industry have taken effect. You can only rent short-term it is your principal residence, a lot fewer short-term rentals are advertised on booking platforms such as Airbnb.
This opens a huge opportunity for owners to earn rental income from month-to-month bookings or short-term accommodations (under 28 days) on sites such as Airbnb. Many owners do not want to go through the hassle of completing background checks for potential tenants, gathering employment information, credit history, and references. short term rental management in Toronto such as Airbnb handles all the payments and the money is guaranteed. No lease agreement needs to be signed, and before you accept a potential guest, you can look at their previous reviews to have peace of mind they will be reliable and will follow the property rules. The 1 million dollar insurance policy that Airbnb provides is also a huge perk in case property damages were to occur,
Renting out month to month or short term (under 28 days) also lets you make seasonal pricing which gives the owner the benefit of earning more income throughout the year. Tenants also feel more comfortable renting for a month before they commit to a longer term. Once the tenant settles in, the property owner and tenant can build a trusting relationship and negotiate a longer stay through the Airbnb platform or through a short-term rental management service in Toronto.