Airbnb?
Hi BP,
After a tenant recently moved out of one of my units, I decided I wanted to give the short term rental market a try.
A little background: This was a 2 bedroom unit in a Duplex in a trendy neighbourhood in Ottawa, ON. The rate for a long term lease is $1150/month.
I rented it out on Airbnb for $2,145/month (gross). I have yet to get the utility bills so I can't make a direct comparison yet. It was a lot more work, but the cash flow seemed to be worth it. It also made it easier to show the unit, I could block off a night per week and do showings without bothering any tenants or dealing with a dirty unit.
I have signed a tenant on a year lease starting in the fall. My thinking is that the market will be significantly lower in the winter (Ottawa has a lot of festivals & tourists in the summer).
Just wondering if anyone has had any experience in Ottawa or Canada renting full time on Airbnb? If so, what was the difference in summer to winter months? It was an interesting experiment and I may be tempted to do it again after another tenant turnover.
Cheers.