AirBnB has long been a part of living in Liberty Village, as it has been in other parts of the City of Toronto where there are condo developments. Now that an Ontario court has ruled that condominium corporations now have the authority to ban property owners from renting out their units on AirBnB, the impact of this ruling in Liberty Village will be interesting to witness.
Analyzing AirBnB in Liberty Village, it becomes apparent that the pros of AirBnB are largely in favor of the guests whereas the cons of AirBnB largely fall from the perspective of tenants and condo corporations. No matter where you stand on the issue of AirBnB, it is undeniable that Liberty Village is among the city’s hot spots for short-term rentals. There are many units used in the neighborhood for AirBnB, fetching as much as $200 and above for a night’s stay.
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There are even some who have purchased units specifically for the use of AirBnB, something that has frustrated real estate professionals, condo corporations, and property owners alike. It is not uncommon that a person will buy a condo, put it on the rental market and have it rented, only to find out months later that the renter is offering the property unit up on AirBnB. This happens every day in Liberty Village and surrounding neighborhoods.
What are the Pros of AirBnB in Liberty Village?
There are many pros to AirBnB including the ability of those renting out the unit to make a big return. For example, a unit valued at $3,000/month being rented out for $300/night could net a renter as much as $6,000-$9,000 a month. Also, for a traveller, an AirBnB unit will oftentimes provide them with a more authentic vantage point to see the city from, ranging from actually having a host to advise them on their adventures or to simply save a bit of cost that would have otherwise been spent on a hotel room.
To an extent, AirBnB has created more competition in the short-term rental market, giving consumers the opportunity of being able to rent a room cheaper than what can be provided for them in the city’s hotels. For many AirBnB customers, if it does not save on cost, renting through the service may provide more freedom and space. For example, being able to rent out a multi-bedroom furnished apartment.
What are the Cons of AirBnB in Liberty Village?
Though there are many pros, much of the reason why condo corporations now have the authority to ban the use of AirBnB has to be with the proliferation of cons related to this practice. For example, when a customer rents out an AirBnB unit, they could be on a business trip, a vacation, or may be coming through the neighborhood for some other reason. An AirBnB customer typically wants a certain level of comfort and freedom in their stay that no condo development can really offer. These are not hotels. If an AirBnB customer causes damage to the property unit or chooses to have a late night party, this can cause major disturbances for the corporation as well as other tenants in the building.
For other tenants as well, there are obvious security concerns of not knowing who is in these units at any given time. Condominium corporations arrange concierge services or security services with the knowledge that this will prevent unauthorized individuals from entering the premises. AirBnB breaks this rule, letting in any customer who has paid for a stay, compromising the security of the building even in the event that a guest does not cause any damage or disturbances.
What is Going to Happen to AirBnB in Liberty Village?
Short-term rentals via AirBnB are very popular in Liberty Village despite much opposition. As Liberty Village continues to grow, it is likely that AirBnB will begin to disappear in many of the corridors of the low-rises and high-rises that occupy the region. Though there is nothing to stop homeowners from registering with AirBnB, renting out units in a condo by this method might be nearing its final days in Liberty Village.