Is Airbnb really worth it? Often times, yes!

Hosting on Airbnb is a great way to invest, although any investment typically comes with risk. We’re here to help you work through the pros and cons of becoming an Airbnb host with your new condominium.

 

The pros of becoming an Airbnb host:

Increased earnings. If you’re planning on renting your condo to long-term renters, you have the added benefits of security and trusting your tenants. However, your monthly income is capped by the market. With Airbnb, you could increase your earnings exponentially if your condo is desirable.

Flexibility! Flexibility in terms of income, the way you use your own space, and the lifestyle you can live when the Airbnb app does the heavy lifting (advertising) for you. For example, if you travel a lot for work, renting your place on Airbnb for the times you are away might be a good way for you to make use of the empty space—extra cash for a little work.

Extra cash. Who doesn’t want a little extra spending money? If you live in a two-bedroom, but only need one for yourself, rent the second space on Airbnb! You can determine the availability if you want a night to yourself. It’s also a neat way to learn about different people and places as travelers pass through your home.

Low-cost advertising. Most business ventures require advertising budgets. Airbnb does all the hard work for you through their app. Optimize your listing and wait for the inquiries to roll in.

Repeat customers. Just like any hotel, if you’re hosting long enough, you may see repeat customers—trusted guests who treat your home like their home. Doesn’t that sound nice?

More control over your rental property. With short-term rentals, you are in charge of what happens and when! On the other hand, long-term tenants take a lot of that control depending on the provincial landlord and tenant laws.

 

The cons of listing your condo on Airbnb:

Stranger danger. There’s always an added risk when you don’t know who you’re renting to. However, reviews on Airbnb are beneficial for both hosts and guests so you can get a feel for the type of visitor they are before welcoming them. Airbnb’s host guarantee might be worth looking into.

Lack of stability on all fronts. For starters, you don’t know if you will be able to rent your unit tomorrow. Also, the rules change all the time for short-term rentals, so you should seek legal advice before getting started.

It’s a lot of work! You need to prep your condo and take proper photos, optimize your Airbnb listing, manage inquiries, respond to guests, check-in and check-out, and clean after each stay. That’s just the beginning! Running an Airbnb is similar to a job if you want to do it properly. Are you ready for the work?

Customer service. Of course, there is a communication aspect with long-term renters, but you’re able to develop a relationship with tenants over time. With Airbnb guests, you may have to deal with customer complaints more often.

So, do you think it’s worth it? We think the pros outweigh the cons!

 

Tips to succeed as an Airbnb host

The best way to succeed as an Airbnb host is to think of the service and features you’d love to receive when traveling and create that for them. Here are a few ideas to get started.

  1. Give guests a local perspective while exceeding the standards of a hotel. People love the entire experience of a hotel, especially the ritzy ones downtown. Balance that perceived lifestyle with your local knowledge to rake in the positive reviews.
  2. Pack your place with fun amenities to impress your guests. You can keep it simple and low-cost, but still, go above and beyond the basics. For example, people really appreciate being able to make a cup of coffee at home while traveling! Set up a Keurig and leave a few K-cups for your guests.
  3. Convenience is key when traveling. The location is obviously important, but you should also make check-in and check-out a breeze. Set your guests up with everything they need to have a great stay without contacting you every two minutes.

Above all, you want to think of your condo as a small business and raise their standards. Is your Airbnb clean, smelling nice, and free of clutter? Give your guests everything they’d expect and then some to keep them coming back!

 

Of course, do your own research before deciding if hosting on Airbnb is a good option for you. Airbnb has plenty of resources about how to start hosting, how you actually make money, and how to host safely. Remember to check the regulations of your specific community before accepting your first guests.

*The following information is accurate at the time of writing.