AirBnB is very popular around the world and now is more so in Calgary. Currently there are over 300 properties in Calgary that are listed on AirBnB. It’s a great way to generate an income on your rental properties. Some even short term rent their property while away on vacation.
When the vacancy rate is high, landlords are having a tough time securing long term rentals agreements. Moving to a short term rental option is good to explore to cover those overhead costs in the mean time.
With single family homes there really isn’t any issue with providing the short term rentals for your property. Although if you’re considering renting your condo there are limitations that have to discovered before proceeding.
Currently the condo market in Calgary is experiencing high inventory and many price drops to secure that sale. If you’re wedged in a situation where you can’t drop that price any further, then taking it off the market and renting it may be your only option. This will help pay for your expenses and increase the equity to put you in a better position when the market improves.
There is one detail that you must be aware of. Since short term rentals are so new to Calgary, many condominium corporations haven’t explored the concept of accepting them.
Whenever a condo owner decides to rent their unit, they have to communicate the details to the condominium board and property management. This makes them aware of who is in the building. It’s very much a safety procedure that is set out in the bylaws. Also within the bylaws you’ll find information regarding leasing the property. I’ve found that many of the bylaws are vague, so it’s best to confirm with the board.
Condos that have been built in the last few years may already have this information in the bylaws. If you are considering a new condo and want to have the option of short term rentals, talk with the builder. They can confirm if they have that noted in the bylaws or may grandfather it in for you.
If you have any questions about buying a condo please feel free to contact me. Take care!