There have been many changes in Toronto’s short-term rental market, so speaking with an Airbnb management Toronto rep is good. New bylaws are changing how Airbnb functions in the city, and this is good news for anyone running a legit Airbnb with all the proper licensing.
The Toronto Airbnb Market Today
As of late, the average occupancy rate is 54%, with the daily rate being $170. For those with a 2-bedroom apartment in the city, there’s the potential to make over $50,000 in revenue annually. Having a Toronto Airbnb management team will help you maximize your property and succeed in making high profits.
Average rent in Toronto – Up by 14%
Average rent in Peel – Up by 20%
Average rent in York and Halton – Up by 21%
Average rent in Durham – 34%
Converting Short-Term Rentals into Long-Term Housing
Toronto has implemented new bylaws for short-term rentals, causing some Airbnb owners to offer their properties for long-term housing. Toronto has become more focused on enforcing laws for those not licensed to offer their property as a short-term rental. This is making space for licensed Airbnb owners, which is good news.
The Toronto planning and housing committee said that 42% of short-term rental properties are transitioning to long-term rentals. Rentals rates are high in Toronto, so owners are still expected to profit from their properties. There are 3,349 short-term rental properties in the city, a major decrease from the 15,000 listings on rental sites before the pandemic. Some are run by the owners, while an Airbnb management Toronto company handles others.
Less Competition in the Toronto Airbnb Market
With the change of laws and rules, there’s a finer balance of how many Airbnb properties are available in GTA. For those who want to rent out their homes on a short-time basis, it’s great news. It’s also good news for the city that more long-term rentals are available for people. The city implemented new rules in January, and Airbnb removed over 2,500 listings that hadn’t registered with the city. Many of them hadn’t even been active for quite some time.
Commercial Short-Term Rentals
These rentals don’t meet the new regulations that Toronto has implemented, and they only allow Airbnb to be in the landlord’s main residence for a maximum of 6 months of the year. Commercial hosts comprised 35% of all listings and 35% of the $140 million revenue within the Toronto Airbnb industry.
No More Advertising Without Registering with the City
Toronto has made changes to ensure that non-legitimate Airbnb rentals cannot advertise. If a short-term rental doesn’t have a license, they can’t advertise for rentals for less than 28 days. The city is doing everything possible to support legitimate Airbnb properties while stopping those who haven’t done the strenuous work to get their license.
Read more about short-term rental regulations in detail.
