The High Demand for Short Term Rentals
Toronto is Canada’s largest city and offers many opportunities for an Airbnb manager. In 2019, the city set a new visitor record with 28.1 million visitors. The city has become increasingly popular for tourism with steady growth over the past decade. Thanks to the diversity of Toronto, visitors come during every season for different reasons. You’ve got culture, sports, technology, finance, education, business, and entertainment. Business events brought over 500,000 to Toronto for meetings, conferences, and events. In 2018 and 2019, Toronto was named the top meeting destination in Canada.
With all the meetings and attractions, a huge amount of money is being brought into the city thanks to the high amount of visitors. In fact, Tourism Toronto reported that the visitor economy brings $6.7 billion to the city. This revenue includes restaurants, attractions, shopping, and short term stays. While there are many international visitors coming to Toronto, Canadians are attracted to the excitement of it’s metropolitan feel and it’s unique offerings. US visitors coming from nearby borders will often visit for a weekend. As an Airbnb manager, it’s important to target these short term visitors. There are some days that bring even more visitors to Toronto, which puts your Airbnb in Toronto in high demand. We’re going to share the top five dates you’ll want to keep track of so you can capitalize on them with minimum nights’ stays and an increase in your price.
Some People Prefer an AirBnb for Short Term Stays
Airbnb management in Toronto involves knowing your potential customers. It’s important to understand why they would rather be in your accommodation for short term stays as opposed to a hotel. An Airbnb is going to be more spacious and as there’s less people when compared to a hotel, it’s going to be quieter. Airbnb’s feel a lot more like home with elements important to people like a kitchen, dining room, and sitting area. If a family is visiting to experience Canada’s Wonderland for example, an Airbnb in Toronto with multiple rooms and space to hang out is what families will be looking for. The experience is more intimate and staying at an Airbnb is less formal yet at the same time, it’s a name that people trust. As an Airbnb manager, you have the power to create a unique, memorable experience for guests.
Five Events in Toronto an Airbnb Manager Should Know About
Pride Festival – The month of June
Every year in June, millions of people come to one of the largest pride festivals in the world in Toronto. There’s an estimated $374 million in revenue that is brought to the city over the month of June. Main events include the Trans March, Dyke March, and Pride Parade. These all bring short term stays through the month of June. Every week, there’s 500,000 to one million people attending the various events. Airbnb management Toronto can easily attract guests as accommodation becomes limited and they expect to pay a premium.
Toronto has a variety of conferences with the PDAC Mining Conference being one of the largest. This annual mining conference is in it’s 90th year and is the biggest in the world. All of the hotels sell out in the city, making Airbnb short term stays at the height of demand during the winter season in Toronto. The PDAC convention brings investors, analysts, mining executives, geologists, and government officials. In total, there are well over 20,000 attendees that bring about $70 million to the Toronto economy.
New Years – December 31
Many Canadians will come back to visit family in Toronto during New Years. In Airbnb management, we’ve found it to be a lucrative time for short term stays. Not only do people come to visit family, they also come for the epic New Years celebrations that cater to party goers and families alike. Restaurants offer special events and there’s outdoor ice skating while watching the sky light up with fireworks. There are parties with well-known DJ’s and free entertainment throughout the city. An Airbnb close to the city is going to be highly sought after during this time. You can ask for a minimum 3 night stay and increase your normal nightly price.
Canada Day – July 1st
Toronto is one of the best places to experience Canada Day celebrations. Many Canadians will make their way to the largest city to celebrate the birth of the country. Fireworks light up the sky, free events are dispersed throughout the city, and Toronto is warm enough to enjoy outdoor activities like hanging out by a lake. Toronto is in many ways the center of Canada and it does a great job of honoring the country as a whole for Canada Day. There are a myriad of events throughout the city. An Airbnb manager can generate a lot of money during the July long weekend in the summer. Families, young couples, and singles all find their groove here with the many events that cater to everyone’s likes.
Caribana (August Long Weekend)
As an Airbnb manager, Caribana is a big event you’ll want to capitalize on. It is the weekend that has the highest demand for Airbnb short term stays. This is a Caribbean inspired event that’s been around since 1967. It happens on the August long weekend annually and is a staple of Toronto. This fabulous event is North America’s largest cultural festival. It’s actually a celebration that goes on for three weeks but they bring the best music and events for the August long weekend. Caribana attracts singles, and families. Over 1 million people come to Toronto to take in the vibrancy and fun of Caribana annually.
To learn about short term rental regulations in Toronto, follow the link.