December 2019


3 tips for renting out your space for additional income

(NC) According to a recent poll, four in five Canadians who are interested in hosting on short-term rental platforms like Airbnb cited additional income as the main reason they would open their home. There is demand from everything from spare bedrooms to cottages and listing space is easy, simple and secure.

With many Canadians looking for accommodations during the holiday season and spring break, the next few months are an ideal time to try out hosting for the first time. In fact, some short-term rental sites estimate you could make as much as $830 per month just by sharing a room in your home.

To help you start earning some extra money, and maybe even make some new friends, follow these tried and true steps: 

  1. List your space for free on a site. Whether you have a second bedroom or a second home, you can offer your extra space with no sign-up charges or membership fees. Be sure to check local laws to see what restrictions there may be on hosting in your area. Remember to include plenty of high-quality pictures to show off your space and increase interest from potential guests.
  2. Decide how you want to host. Hosting gives you the flexibility to choose your schedule, price and requirements for guests. Ensure your online hosting service allows you to list house rules like no pets, parties or smoking and check to see if they provide a host guarantee or insurance.
  3. Welcome your first guest. Once your listing is live, it’s ready to book. Make sure that the site you use offers a mutual review system and a secure method to communicate with guests ahead of their stay. Be sure to provide check-in instructions including contact information, Wi-Fi passwords, your neighbourhood guide, house rules and any other vital information guests may need to get situated and comfortable. Local tips and recommendations go a long way towards creating a truly memorable stay.

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