Overstaying Your AirBNB Welcome

Owners and investors alike are facing the pinch of high housing costs.

This leads to creative and resourceful opportunities like turning your condo into a vacation rental and make a few bucks.

Win-Win for owner and renter .. until now. 

The influx of converting condos to VRBO, HomeStay and AirBNB is affecting the rental market. With little or no new inventory of rental apartments, the rents for existing product has increased to ridiculous highs. 

I understand why landlords desire to hike up their rents. There's a lot of maintenance and unforeseen costs to managing rental condos. 

Individual owners are not professional property managers. They have one property with one tenant that they need to cash flow or there's no mortgage payment. Rental abuse slips in with little or no enforcement.

A multi-family apartment has multiple tenants. if 1 or 2 tenants move out, it won't affect cash flow. Unlike a condo where you report to your strata council, a landlord has the ability to enforce its policies.

Just be prepared for other cities around the world to start cracking down with similar legislation.

Berlin puts ban on apartment vacation rentals