Sure, we’ve all heard the occasional horror story involving renting out your home on sites like the ever-popular Airbnb.
But renting out your space while you’re out of town remains an increasingly attractive option for those looking to make some extra cash.
On the other side of the equation, opting for a short-term rental through such sites often makes more economical and practical sense to vacationers than a hotel does.
It’s become such an attractive option that vacationers are putting a lot of pressure on Toronto’s short-term rental market.
As Toronto’s culinary, arts and design culture continues to prosper, the city that Drake calls home has become even more of an attractive vacation destination – and homeowners are taking full advantage of the short-term rental boom.
As reported by CBC, according to Trip Advisor, interest in the short-term Toronto rentals listed on the site has skyrocketed. So much so, in fact, that it’s up 350 per cent compared to last year.
Trip Advisor predicts that the trend will continue as long as the warmer weather does, right through to October. It makes sense, especially during a time of year when homeowners are probably travelling themselves.
But it’s not just vacationing homeowners who are jumping on the short-term rental bandwagon.
For many homeowners who don’t live in their properties, opting for short-term rentals may be an attractive option over renting to long-term tenants. Admittedly, it can make more economic sense.
According to Trip Advisor data, the average two-bedroom home in Toronto will typically rent for $1,300 a week.
This, of course, isn’t ideal for Torontonians who are looking for places to live. Anyone who has been in the market for a Toronto rental as of late knows that finding a place within reach is almost as competitive as the buyers’ market is.
That’s why Fairbnb was formed earlier this month.
The Fairbnb Coalition takes aim at Airbnb, urging Toronto councillors to regulate online short-term rentals in the city. They claim the growth in popularity is adding to the city’s affordable housing crisis. Furthermore, they say that Airbnb is taking away from Toronto’s tourism industry as hotels remain vacant.
But it’s the availability of affordable rental housing that’s the real concern, as growing number of individuals and families are forced to live beyond the city’s confines.
According to CBC, in May, there were 9,447 Airbnb listings in Toronto — 5,914 of which were for entire homes.