10 Tips for Airbnb Hosts in Toronto

Short-term rentals can be a great option for Airbnb property owners in Toronto for a variety of reasons, including that Toronto is  a popular tourist destination, which means there is strong demand for short-term rentals. Toronto is home to numerous attractions, including the CN Tower, the Toronto Islands, and the Royal Ontario Museum, as well as a thriving arts and culture scene, which ensures it has a year-round seasonality for short-term rentals Toronto is an attractive destination for both domestic and international travelers, which can translate into higher bookings and income for Airbnb owners in the city. Additionally, short-term rentals in Toronto can be more flexible than traditional rentals, allowing you to choose when and how often you rent out your property, and whether you would like to do only seasonal renting. This can be especially beneficial if you are looking to supplement your income or only want to rent out your property while you are away. Short-term rentals can also be a great way to meet new people and experience different cultures, as you will have the opportunity to host guests from all over the world. Finally, short-term rentals in Toronto can be a good investment, as they can potentially generate a higher return than traditional rentals due to the higher rental rates and the ability to rent out your property more frequently. Even with rental restrictions of 180 consecutive days of the year, Airbnb renting can be more profitable for some hosts. Overall, short-term rentals can be a great option for homeowners or renters in Toronto looking to generate additional income, have more flexibility, and experience the benefits of hosting guests from around the world in a vibrant and exciting city. With a short-term management company like StayPro with its efficient Airbnb management software, it can be even easier!

As a short-term rental owner in Toronto, there are several tips you can follow to ensure that your rental property is successful:

1. Research the market: It's important to have a good understanding of the local short-term rental market in Toronto. Look at the rates that other short-term rentals in your area, property type, and style  are charging and consider what amenities and services you can offer to make your property stand out. You should also consider the demand for short-term rentals in Toronto, as this can impact your bookings. For example, if you are located in a popular tourist destination, in the Entertainment district or Queen St West, or near a major event or attraction, you may have more demand for your property.

2. Invest in quality furnishings and amenities: To attract guests, your rental property in Toronto should be comfortable, clean, and practical to maintain. Invest in high-quality furnishings, bedding, and amenities like towels and linens to make your property 1) more attractive to guests and 2) able to withstand constant turnovers and cleanings. For some things, it is best not to scrimp and save. A smart investment in some more expensive and high-quality white IKEA sheets will last you longer than the cheapest ones. It’s also a good idea to  add features like a fully equipped kitchen, high-speed internet, and a comfortable living area to make your property more appealing.

3. Set competitive pricing: Setting your prices too high may deter potential guests, while setting them too low may not be profitable. Look at the prices of similar properties in Toronto and consider what amenities and services you can offer to make your property more attractive to guests. Be sure to factor in the cost of utilities, cleaning, and any other expenses when setting your rates. For beginner Airbnb hosts, you may want to lower your prices even more to generate interest and get positive reviews early on.

4. Have dynamic pricing: Many times it isn’t enough to just set one price for all weekdays or weekends. Some days of the year will be more desirable for your property, and therefore need to be priced accordingly. For instance, hosts should consider that on nights like New Years Eve demand is very high and people will be willing to spend more than usual on their accommodation. An Airbnb management company like StayPro will adjust pricing not only seasonally but regularly to reflect changes in the market and events.  

5. Incorporate technology: With all the recent technological advances, it would be a shame not to make use of them. Technology can make short-term renting more efficient by allowing multi-channel advertising, video report filming and storage, noise detection, and easy self check-ins with Smart devices. Read Technology in short-term rentals for more information. A short-term rental management company like StayPro even has its own Airbnb management software that allows hosts to be far far away and still monitor their property remotely.

6. Communicate with guests: Good communication is key to running a successful short-term rental property in Toronto. Respond promptly to inquiries and make sure to provide clear instructions and information to guests before and during their stay. This can include information on how to access the property, where to find key amenities, and any house rules you may have. You should also be available to answer any questions or concerns that guests may have during their stay. An Airbnb management company like StayPro has a 24-hour front desk service for clients to ensure that all guests are taken care of even during the night.

7. Be aware of local laws and regulations: Short-term rentals are subject to local laws and regulations in Toronto, so it's important to familiarize yourself with these before starting renting on Airbnb. In Toronto, hosting on Airbnb is only possible if the property is 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. For more information check out Toronto short-term rental regulations in 2022. Other municipalities may have other specific rules for short-term rentals, such as requiring a business license or limiting the number of guests that can stay in the property. You should also be aware of any zoning laws or noise ordinances that may apply to your property.

8. Consider insurance: Protecting your property and your guests is important, and having the right insurance in place can provide peace of mind. Consider getting insurance coverage for your property and any liability issues that may arise. This can include coverage for damage to the property, personal injury, and loss of income due to cancellations. 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 in Toronto, StayPro advises the same. For more information check out Short-term rental insurance in Canada in 2022.

9. Promote your property: To attract guests, it's important to promote your property effectively in Toronto. There are several ways you can do this, including listing your property on short-term rental platforms like Airbnb, VRBO, and HomeAway, as well as creating a website for your property and promoting it on social media. Another option to consider is using paid advertising, such as Google AdWords, to reach a wider audience.

10. Consider using an Airbnb management company: If you don't have the time or resources to manage your short-term rental property in Toronto, you may want to consider hiring an Airbnb management company in Toronto like StayPro Property Management. These companies can handle everything from listing your property to managing bookings and communicating with the guests, freeing up your time to focus on other aspects of your life – all with their user-friendly Airbnb management software. StayPro fully operates & manages BnB properties in Canada & provides tailored professional guidance to ensure client success. All housekeepers are certified & vetted; cleaning performance is monitored by StayPro using video reports to which you have access. StayPro records layouts, furnishings and amenities to guide both housekeepers and guests.

Let the professionals take control! StayPro can help you:

• Gain more income without doing any extra work.

• Apply for permits and ensure you comply with legal requirements.

• Answer any questions and offer professional guidance.

• Do dynamic pricing. With StayPro’s Airbnb management software, StayPro can easily do it for you!

• Schedule housekeepers and monitor cleaning quality through their Airbnb management software.

• Track payments.

• Handle disputes, maintenance, and repairs.