Any AirBnB hosts/landlords here?

Mar 23rd, 2022 10:35 pm

#1

GameChannel [OP]: Sr. Member; May 3, 2010; 738 posts; 416 upvotes

Mar 23rd, 2022 10:35 pm

Anyone using their investment property as an AirBnB? If yes, what are the profit margins like? How's the experience been? Any concerns/issues I should be aware of? How do you handle pre and post stay cleanups?

Mar 24th, 2022 8:42 am

#2

DieWithZero: Newbie; Mar 11, 2022; 80 posts; 138 upvotes; YYZ 905

Mar 24th, 2022 8:42 am

The Airbnb business model vary greatly across housing type and location
A business in cottage country and a condo in tourist hotspots will have entirely different clientele and needs
If you want better answers, share more details

Courage. Temperance. Justice. Wisdom.

Mar 24th, 2022 9:53 am

#3

ashs: Deal Addict; Jul 10, 2006; 2967 posts; 213 upvotes; Toronto ontario

Mar 24th, 2022 9:53 am

Our cottage is doing about 10 percent cap. And has appreciated about 300% in 1.5 years

"Truth is High, Higher Still is Truthful Living" Guru Nanak

+3

Mar 24th, 2022 10:05 am

#4

TwinkoStar: Deal Addict; Jan 2, 2021; 1361 posts; 2199 upvotes

Mar 24th, 2022 10:05 am

The biggest risks are the ever-changing laws imo.
But it looks like as less and less units are "allowed" to be airbnbs, the remaining ones that do qualify are charging more and more.

I ran one for a year a while back. You gotta vet the guests and handle them properly as customers... I didn't have any trouble guests but I was also very careful in saying no to anyone who could even remotely spell trouble (eg. Young folks who live in burbs and are looking to stay downtown for the weekend are an automatic NO). And be ready to wash a lot, a lot of toilets because cleaners are often NOT reliable and guests can be OCD.

+3

Mar 24th, 2022 10:09 am

#5

jetkwan: Newbie; Dec 21, 2013; 27 posts; 26 upvotes

Mar 24th, 2022 10:09 am

ashs wrote: ↑ Our cottage is doing about 10 percent cap. And has appreciated about 300% in 1.5 years

Just checking but your 10% cap rate is using your current MV right?

Curious as to where you bought and how many BR/baths there are

thanks!

Mar 25th, 2022 11:34 am

#6

moeymoeymoeymoe: Sr. Member; May 7, 2015; 771 posts; 1215 upvotes; Toronto, ON

Mar 25th, 2022 11:34 am

Do you think there was an increase in demand on Airbnb cottages due to lockdowns and restrictions ?

Do you think things will take a dip now that travel restrictions are dropping

Mar 26th, 2022 10:36 am

#7

ashs: Deal Addict; Jul 10, 2006; 2967 posts; 213 upvotes; Toronto ontario

Mar 26th, 2022 10:36 am

We bought a year and a half ago near port elgin. 3+1 bdrm, 2. 5 bathrooms. Sleeps 10

jetkwan wrote: ↑ Just checking but your 10% cap rate is using your current MV right?

Curious as to where you bought and how many BR/baths there are

thanks!

"Truth is High, Higher Still is Truthful Living" Guru Nanak

+1

Mar 26th, 2022 10:38 am

#8

ashs: Deal Addict; Jul 10, 2006; 2967 posts; 213 upvotes; Toronto ontario

Mar 26th, 2022 10:38 am

There was a dip but rent prices have gone up as well. We are currently booked for around 100k this year and more than half the year is still available so we will break our marks for last year.

moeymoeymoeymoe wrote: ↑ Do you think there was an increase in demand on Airbnb cottages due to lockdowns and restrictions ?

Do you think things will take a dip now that travel restrictions are dropping

"Truth is High, Higher Still is Truthful Living" Guru Nanak

Mar 29th, 2022 1:17 pm

#9

seainno: Newbie; Mar 28, 2008; 51 posts; 23 upvotes; Toronto

Mar 29th, 2022 1:17 pm

We are also thinking about getting a cottage and rent it out during the time that we dont use it. But we just dont know how do we mange the rental when we live 300 km away. How did you manage your rental?

+1

Mar 29th, 2022 9:34 pm

#10

Biff88: Deal Addict; Mar 10, 2011; 2519 posts; 706 upvotes; Toronto

Mar 29th, 2022 9:34 pm

seainno wrote: ↑ We are also thinking about getting a cottage and rent it out during the time that we dont use it. But we just dont know how do we mange the rental when we live 300 km away. How did you manage your rental?

If you’re going to depend on short term rental income of the cottage, be careful and do your homework. Many municipalities in Ontario’s cottage country are currently contemplating making STRs illegal and some have already done it.

+1

Mar 29th, 2022 11:14 pm

#11

BaldnBoldRealtor: Newbie; Feb 25, 2022; 33 posts; 44 upvotes

Mar 29th, 2022 11:14 pm

Biff88 wrote: ↑ If you’re going to depend on short term rental income of the cottage, be careful and do your homework. Many municipalities in Ontario’s cottage country are currently contemplating making STRs illegal and some have already done it.

What if it's a remote cottage far away from other neigbbours...how would anyone know?

Mar 29th, 2022 11:32 pm

#12

vbomb: Jr. Member; Nov 22, 2009; 160 posts; 191 upvotes; Toronto

Mar 29th, 2022 11:32 pm

I did for a few years on and off in Toronto. The new regulations in Toronto is making it restrictive to your own residence only, which is making it not worth it
They added an automated 4% tax and you can only rent it out for 180 days/year. So you gotta do your math carefully if you're doing it in Toronto

Mar 30th, 2022 2:52 am

#13

DDHLeigh: Deal Addict; Jun 20, 2011; 2083 posts; 1040 upvotes; VANCOUVER

Mar 30th, 2022 2:52 am

Two places in Vancouver. 54k (36k in 2020 due to covid restrictions) and 44k (29k in 2020, covid restrictions) reported for 2021 taxes. Just be aware of the short term rules for your city. If it's a condo then make sure your strata allows it too. Clean up is done by a company we hired.

Mar 30th, 2022 8:54 am

#14

seainno: Newbie; Mar 28, 2008; 51 posts; 23 upvotes; Toronto

Mar 30th, 2022 8:54 am

I dont know how far it should be from each others. I guest if it is 10 km apart then probably nobody will know. But talking abt cottages in nice locations and not too fat from town then I am sure that the neighbors will know. I am asking abt the ones that are legal to rent out short term. How do we manage those ones when the owners are couple hundreds km away? I guest we have to hire local company to handle that and after all the fees and everything what are the ROI can we get from the rent? I did AirBnB in Toronto couple years ago but after the restriction it is not worth it.

Mar 30th, 2022 9:42 am

#15

LeePascal: Newbie; Nov 26, 2021; 72 posts; 91 upvotes

Mar 30th, 2022 9:42 am

The easy money days of airbnb in toronto is probably over. Now with all these regulations i dont know how it can be worth it.

+1

Mar 31st, 2022 5:04 pm

#16

Biff88: Deal Addict; Mar 10, 2011; 2519 posts; 706 upvotes; Toronto

Mar 31st, 2022 5:04 pm

BaldnBoldRealtor wrote: ↑ What if it's a remote cottage far away from other neigbbours...how would anyone know?

Who knows. Maybe nosy local people scanning airbnb or other short term rental listings in their area.

Mar 31st, 2022 8:31 pm

#17

Jokerpersona: Deal Addict; Apr 8, 2020; 1120 posts; 1792 upvotes

Mar 31st, 2022 8:31 pm

Biff88 wrote: ↑ Who knows. Maybe nosy local people scanning airbnb or other short term rental listings in their area.

I'm currently scanning everywhere, including Airbnb for a short term rental we need.

But seeing Airbnb short term rental prices, y'all crazy.

Apr 4th, 2022 3:01 pm

#18

ouaouaron: Jr. Member; Apr 28, 2009; 128 posts; 25 upvotes

Apr 4th, 2022 3:01 pm

Any RFDers in Vancouver who can help with the below questions?

I'm only renting my unit out month to month when away (the strata allows it).

1. Reliable management company to manage turnover / cleaning? I used AirSorted in Toronto and they were a disaster on so may levels...
2. Airbnb is asking for PST / HST number on my profile, do I need one?

Any tips would be helpful!

Thanks,

Apr 12th, 2022 4:36 pm

#19

Harnit: Jr. Member; Jun 3, 2013; 124 posts; 69 upvotes; Toronto

Apr 12th, 2022 4:36 pm

ashs wrote: ↑ We bought a year and a half ago near port elgin. 3+1 bdrm, 2. 5 bathrooms. Sleeps 10

How difficult is it to manage? Do you live close by to facilitate check-in and check-out? How about cleanups?