Canada's Condominium Magazine
Neptune Condominiums in Toronto has recently made waves as the first in Canada to sign with Airbnb, officially allowing residents to oppenly offer their condos up to vacationers looking for short-term rental properties. While most condominiums are moving to prohibit short-term leasilng through their bylaws and rules, Neptune embraced the condo-airbnb concept.
Whether it is good or bad for condo owners remains to be seen: condo-owners seeking extra income might like it; while those worried about the hotel-like turmoil might object.The fees collected by the condo may make it seem more hote
Airbnb regional director, Aaron Zifkin, views the partnership as an important milestone for Toronto. “The program gives property managers and Airbnb the opportunity to work together to proactively manage home sharing in buildings,” he stated.
The move to sign with Airbnb raised some questions amongst residents who worried that inviting strangers into their buildings might cause more harm than good. Growing safety concerns prompted the building’s condo board vice-president, Nick Bednarz, to reach out to Airbnb for a solution.
An agreement that allows closer monitoring of guests
The result was an agreement that allowed the building to more closely monitor guests as they come and go. The agreement granted security access to a website which displays the building’s hosts and guests at all times, and hosts are required to pay $50 per month for building upkeep. This fee allows the building to maintain the property and amenities, which are likely to see a great deal of wear and tear due to high traffic volume. The fee, however, is waived for any hosts who are only renting out single rooms without allowing guests to access common areas.
All guests are required to have a government-issued ID on file with Airbnb, and any quests who have a number of complaints against them are subject to removal from the platform. Additionally, the condo board receives a fiver per cent share of the revenue obtained from the building’s Airbnb rentals.
A growing number of residents view Airbnb’s short-term rentals as a lifeline of sorts, especially as the cost of living increases. Although the option to find a more permanent roommate remains, many are finding that they prefer keeping things short and simple. Sometimes roommates do not get along. Other times, situations may change. If one person gets married or moves to another location, their roommate can be stuck paying the full amount by themselves. If one roommate damages property, both are held responsible and made to pay for repairs.
Situations such as these prompt residents to offer their extra space up for rent on Airbnb. Guests are there for only a limited amount of time; and if they are particularly unruly, they face removal from the platform and a bill for any damages. Airbnb also displays reviews and ratings for all guests for added transparence. This provides hosts with a greater sense of security, and neighbors are put at ease as well.
Short term rentals may reduce inventory for long term renters?
Additionally, the City of Toronto has proposed its own set of rules and regulations. Some of these regulations include barring people from listing units they do not inhabit, amending zoning bylaws to include a category for short-term rentals, licensing Airbnb and other similar companies, and developing a registry of short-term rental hosts and properties The city is taking all concerns into account as they continue developing these regulations, which are designed to allow for continued short-term rental opportunities while maintaining peace and safety among residents.