“We use a lease that forbids the tenants from subletting of any kind unless approved by the landlord,” said investor James Maggs. “I wouldn't feel comfortable allowing a tenant to choose someone else, as who knows what type of screening process they would use.”
According to Aaron Zifkin, Airbnb’s country manager for Canada, the majority of people that post their rooms or properties on the website are doing it to pay for monthly expenses and day-to-day living.
In some cases, the homeowner or landlord will post the property themselves. In these cases, added Zifkin, it is a way to pay off the mortgage.
But this really isn’t common practice, at least not yet. “With the ease of finding tenants willing to sign 12-month leases, it really hasn't been something I, or any other investors I know, have even considered,” added Maggs. “It would definitely be something I would look into if I dealt in seasonal rentals though.”
A recent post on the CREW Forum
asked investors whether Airbnb renting is something that should be drafted in an agreement.
The poster wrote: “I’m wondering if it’s the same as having a tenant and writing a lease?”
One respondent advised investors to check their insurance to determine whether short-term rentals invalidate it.
Have you ever considered posting your property as a seasonal Airbnb rental? Have you ever been approached by a tenant about whether they can sublet the property via the popular site?
Join the discussion on the CREW Forum
to share your opinions and experiences.
James Maggs is speaking at CREW’s InvestorForum, which will be held March 28 and 29 at The International Centre in Toronto.
Find out more about the InvestorForum or register here
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Renting out space as an Airbnb property is a new source of income that many Canadian tenants are jumping on, but should it be cleared by the landlord and does the renter have the right to sublet the space?