Travel destinations are by far the best locations to look at when buying property to rent on Airbnb. According to Save Max real estate, Ottawa has always been one of Canada’s most reliable real estate markets, supported by a stable economy. That’s why Canada’s capital city is an excellent option for investing your money. Here is why Ottawa’s Airbnb is exploding and how to get in on the action!
Ottawa’s Newest Airbnb Regulations
As of April 2022, anyone looking to host a unit on Airbnb or another similar short-term rental platform in Ottawa needs a permit from the city. Additionally, hosts are limited to renting out their primary residences only. The regulations were introduced as an attempt to reduce noise complaints related to party houses, banning the so-called “ghost hotels” and returning the short-term rental to Ottawa’s housing stock.
If you want to rent out your home or condo, you’ll need to apply for a city-issued permit first. It costs $110 for two years. The new rules also allow landlords or condominium corporations to prohibit short-term rentals (fewer than 30 consecutive nights) in their properties. Cottages in rural areas are generally exempt from the residence rule but are limited to 10 guests. The bylaw is subject to change in three years. At the end of that period, the rules will be revised.
Why Buying Property in Ottawa Is a Good Investment
Regardless of the city’s newest regulations or complaints of noisy neighbors, Airbnb is exploding in Ottawa and shows no signs of stopping. As an investor looking for another source of income, Airbnb is a profitable solution for landlords and hosts. Depending on your location, marketing strategy, and quality of your home, you can generate a good side income from Airbnb investing.
When looking to invest in Ottawa rental properties, look for neighborhoods that see enough visitors and plenty of affordable real estate. Luckily, Ottawa benefits from an influx of travelers attracted by the city’s cultural history and industry.
To live in Canada’s capital means living in the country’s second cleanest city and the third cleanest city in the world. According to Mercer, Ottawa has the second highest quality of living of all large cities in the Americas and the 14th highest in the world. Besides a high income and strong economy, the city is ranked #1 as the best place to live for newcomers.
What to Consider When Buying an Airbnb Property?
The first step in buying an Airbnb property is to assess your financial standing. An Airbnb home or condo requires more than just the property price and closing costs. It’s vital to make the rental property as attractive as possible for your guests, so consider the costs of furnishing.
After you’ve found the best neighborhood in Ottawa to invest in, choose a property that meets your expectations. Try to find a condo in the city’s center, as it will likely attract more business travelers. In a resort location, you might want to invest in a townhouse that offers more privacy for young couples or families. Place yourself in a customer’s shoes. Think about what amenities would appeal to them or what type of neighborhood they would want to live in.
After you’ve figured out your rental income, create your Airbnb listing. The process is free and easy. Add photos of your home and the rooms your guests will be staying in. Write a description of the area and mention some available amenities. Choose the dates you want to make the property available and set your own house rules. When setting the price, consider the average daily rate in Ottawa.
Airbnb keeps growing, with the average host making more than $13,500 per year. As an investor, you can earn a nice income from Airbnb investing. But it’s essential to conduct research on the Ottawa real estate market and check local regulations and rules. You may also want to choose a location not far from where you live. This will let you stay up-to-date with any hosting and maintenance duties.