Summer Subletting with StayPro: The New Solution for Students in Montreal and Toronto

With the summer season approaching, students have a new opportunity to earn some money from their vacant homes: Airbnb short-term rentals! There are a few ways in which home sharing through platforms like Airbnb can potentially help students pay less rent:

• Shared accommodation: By sharing a home with other students or travelers, you can potentially save money on rent by splitting the cost between multiple people. This can be a good option for students who are looking to save money on housing expenses while also having the opportunity to meet new people and make new friends.

• Hosting: If you have a spare room in your home or apartment, you may be able to generate additional income by hosting travelers through Airbnb or a similar platform. This can help offset your rent and other living expenses, allowing you to pay less out of pocket and spend on things you really want.

• Rent your property to a company like StayPro while you are away, and have the company manage the property as an Airbnb rental. This can be a convenient option if you are unable to manage the property yourself, or if you want to earn additional income from your property while you are not using it.

For those without the expertise or time to devote to Airbnb management, subletting to a property management company like StayPro is a great option! A management company can take care of everything for you so that you can have a hassle-free experience with Airbnb and recoup your rent. . 

There are a few potential benefits to giving your property to a company like StayPro while you are away, and having the company manage the property as an Airbnb rental:

• Passive income: Renting your property through Airbnb can be a way to generate passive income, especially if you are not using the property yourself. You can sit back and relax and watch the money roll in—without doing anything! For those students who have wasted space, subletting to an Airbnb management company is attractive for people who want to earn extra money from their property without having to manage it themselves.

• Convenience: If you are unable to manage the property yourself, generating short-term rental income with an Airbnb management company like StayPro can be much easier and more convenient. Since the company will handle all aspects of the rental, including listing the property, communicating with guests, scheduling housekeepers, and handling any maintenance or repair issues, there’s no need for you to lift a finger.

• Professional management: A company like StayPro may have the resources and expertise to manage the property more effectively and efficiently than you could on your own. Professional Airbnb management companies will likely lead to higher occupancy rates and therefore higher revenue for you.

For homeowners:

If you are considering subletting your property through a company like StayPro, it is important to:

• Carefully review the terms and conditions of any agreement that you may be asked to sign. Especially in Montreal where restrictions are strict, make sure you understand the terms of the agreement and any fees or charges that may be involved. 

• Know about the Montreal and Toronto short-term rental regulations. 

For Montreal:

As of March 25, 2023, Quebecers will be able to short-term rent their main residence without any municipal regulation being able to restrict them to a defined geographical area of territory. This will make obtaining a permit much simpler. For more information check out Montreal Short-term Rental Regulations in 2023. 

For Toronto:

As of September 10th, 2020, the city of Toronto launched a new registration system with which short-term rental hosts are obliged to comply. A short-term rental property must be a principal residence rented out for no more than 180 consecutive days. All short-term rental operators are required to register with the city of Toronto and remit a 4% Municipal Accommodation Tax (MAT) on all rental properties. To register for the license, the host must prove that the property is their principal residence. For more information check out Toronto short-term rental regulations in 2022.

• Know about short-term rental insurance information.

Some platforms like Airbnb provide their own protection programs like The Host Guarantee and “Host Protection Insurance.” The Host Protection Insurance policy offered by Airbnb gives the host up to $1 million of coverage against guest claims of bodily injury or property damage. On the other hand, the Host Guarantee, also offered by Airbnb, gives up to $1 million in coverage for damages to a host’s personal property or to the home itself. Although these options may seem to offer sufficient coverage, Airbnb still recommends getting your own insurance policy before beginning to rent. As a property management company, StayPro advises the same.

For more information check out Short-term rental insurance in Canada in 2022.

• Know the short-term rental tax law and how much to declare to the Canadian Revenue Agency (CRA). Read A guide to short-term rental tax law in Canada in 2022 for more information. 

All Canadians must remit:

• GST/HST

• MAT (Municipal Accommodation Tax) 

    For those living in Quebec, you must also remit:

• QST

• Lodging Tax 

• Partner with a reputable Airbnb management company that will find respectful guests for your property. For more information about StayPro Property Management, go to their website at staypro.ca. 

For renters:

It is also important to: 

• Consider any local laws and regulations (links above!) that may apply to short-term rentals and clauses specific to renters. Some cities and jurisdictions have specific rules and requirements for short-term rentals, including requirements for permits or licenses, limits on the number of nights that a property can be rented out, and other regulations. It is important to be aware of and comply with these laws and regulations to avoid legal problems.

• Communicate with the owner or landlord of the property before subletting it in order to obtain their permission and thereby ensure no complications during renting. If the owner or landlord is not willing to allow the property to be sublet, it is not legal to do so.

• Have a written agreement that outlines the terms and conditions of the subletting arrangement with StayPro or any other Airbnb management company, including the duration of the sublet, the rent that will be paid, and any other terms and conditions. This will protect your interests and ensure that everyone involved is clear on the terms of the arrangement. 

All students in the Montreal and Toronto areas should consider the great many benefits, financial and otherwise, to hosting your unit as a temporary Airbnb. With the help of an expert property management company in Montreal and Toronto, like StayPro, you can earn more from your rental property. With them you have:

• Peace of mind. Even if you are on vacation, visiting family, or simply too busy, StayPro can take care of the whole process for you! 

• Flexibility. StayPro gives you the freedom to do whatever you want without managing your Airbnb.

• Transparency. The StayPro integrated platform keeps you updated on all events regarding the property. 

• Professional Management and Cleaning. StayPro has years of experience managing successful Airbnb properties.

A technological approach to short-term renting. StayPro uses technology to facilitate the whole process!