Prior to Covid, I used to run a few successful short-term furnished rentals in Winnipeg – and I used to get a lot of questions about the viability of running that type of business. I will attempt to answer some do’s and don’ts in my next few posts with regards to short-term rentals, and click the video below to see a behind-the-scenes angle of my latest reno and rent.
Choosing your property type
First of all, If you are thinking about purchasing a condo for the purpose of running an AirBnB, please make sure you are in contact with the condo board as a number of boards are banning short-term rentals (under 30 days in length). The reason for this restriction is condo owners don’t like feeling like their home is a hotel and consistently complain that short-term patrons don’t care for the common areas the same way an owner would – and this point is hard to dispute!
Another option is to rent out a secondary suite in your house – this is likely the best option for short-term rentals as you are on property and can manage any noise or smoking issues, etc. Normally the type of tenant you would agree to host in your home will be respectful staying in your secondary suite and follow your house rules.
Getting your rental ready for market
When it comes to getting your short-term rental ready for market, first and foremost, professional photos are key and a professional write-up of your space, including the highlights of the area you live in can make all the difference in attracting the right clientele. Often, visitors to your city don’t know the trendy areas, attractions or features of the different hot spots, so you need to educate them.
Don’t miss the details
I always focused my short-term rentals on families and highlighted the safety and walkability of my neighbourhood plus the proximity to the zoo, children’s museum, etc. Finally, I also provided little additives for families traveling with small children: I would leave children’s books and toys, a pack-n-play in one of the guest rooms, and a baby gate in case people needed to block off the stairs etc…. little touches like the above went a long way in securing 5-star ratings from satisfied patrons.
Stay tuned for more tips on getting your rental ready for market and on maintenance and upkeep of your rental.
Jason