We are always talking about property rentals, and more often than not, we talk about long-term ones. As you may know, renting properties is not limited to staying for years in a unit. Some people also look for something short-term. It may only be for a short vacation or even work.

Sometimes staying in a hotel can become expensive, and people prefer a small house or a room to rent. They might also want to stay somewhere more homely while away from home. Most landlords do not always choose to have their properties become short-term rentals. But what if they plan to make it so? If they ask you, you should help them by sharing the pros and cons of having a short-term rental. Don’t know what those are yet? Well, I’m here to tell you.

Cons

Restrictions

The provinces in Canada have different laws about short-term rentals. I am going to share some of them with you. In Toronto, a landlord can have one only in their principal residence. The owners can rent up to three rooms for a maximum of 180 days per year.

Calgary has its rules, too. Property owners cannot rent a room without a window and should not have more than two guests (minors excluded) per room. Landlords cannot overlap their bookings and should keep a guest record to give the license inspector.

High Maintenance

Since the renters would only stay for a short time, different groups will occupy the rental. The landlord would have to manage tenants more times because they come and go. He would also have to clean the property often to make sure it is ready for occupancy.

Lesser accountability for the tenants

The risk for damages is higher for short-term rentals because of the absence of the lease. Some guests might not care about the property and everything because they won’t stay long. However, landlords do have an option to ask for a damage deposit to cover any expenses.

Pros

Lesser Commitment

Since there is a constant turnover to different tenants, the landlord does not have to commit long-term. He lets them stay for a few days, and that is it. There is no need for too many negotiations or discussions. The property owner can also determine when to have the unit rented. He might want to have renters during the summertime only.

Flexible Offers

Having a short-term rental can become a flexible thing. The landlord can limit the space he wants someone occupying. For instance, he can rent out the whole house or a single room for a time. Let’s say the landlord will go on vacation for two weeks and wants to earn extra money. He’s gaining profit while on a getaway.

Makes Good Money

Not everyone can afford to invest in a whole property and have the means to make it into a rental. So those who cannot afford it yet can venture into short-term rentals. The cost to stay in them on a nightly basis is more expensive but still cheaper than hotels.

Online Marketing

Most people these days turn to the internet for almost everything. They can easily search for facts and details on their phones, including property rentals. With websites like Padleads, you can post any property listings: long- or short-term. You can even syndicate them to other pages online to make things easier for you and widen your reach. Landlords and agents alike will have no problem advertising the vacancies.

So the next time a landlord asks you for advice about short-term rentals, you already know what to tell them. If they find it challenging to find long-term tenants, they can offer it for short stays, especially during vacations. They might like it that way, plus they get to earn money.