Author: Shivam Kaushik

How to Start Airbnb in Canada

Post author By Shivam Kaushik
Post date October 2, 2021

How to start airbnb in canada, this question is in every new host’s mind when starting out their journey. Let’s get the answers today!

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How to start airbnb in canada, this question is in every new host’s mind when starting out their journey. Let’s get the answers today!

September 4, 2023

If you’re wondering how to start Airbnb in Canada, you’ve come to the right blog. Before we get to the answers to your questions, let’s talk about Airbnb.

Most people who start their STR (Short-Term Rental) journey usually do it as a side hustle. Many are looking to rent out a spare room, a second home, an attic, or a vacation home. On average, an Airbnb income potential is $1,000/-month as a side hustle. But there are many hosts doing STR as a full-fledged business and making a fortune. In fact, most people making a fortune doing Airbnb full-time are mostly doing Rental Arbitrage.

Here’s what you need to know about Airbnb

Airbnb has established itself as a stronghold in the real estate industry, connecting property owners with individuals who want to learn about different cultures and activities. Airbnb, a prominent short-term home rental service, offers both homeowners and visitors new options. When done correctly, Airbnb hosting can help you earn a lot of money. If you have spare space in your home, Airbnb might be a great way to supplement your income or perhaps convert your hobby into a full-time job.

How Airbnb works for hosts?

Airbnb offers a variety of hosting choices, including renting out the extra room in your house, renting out your complete home, and hosting local experiences. Here’s a step-by-step guide on how Airbnb works for hosts:

1. You must first create a free Airbnb account in order to start renting out the extra room in your house.

Then, in the upper right-hand corner of the page, click “become a host.”

2. The next step is to establish a listing for your space. A listing is similar to a profile page for the place you wish to rent which issimilar to a social media profile. The more attractive and descriptive your page is, the more people will see it.

3. It’s a good idea to make your area as appealing as possible and learn how to take the best Airbnb photos. What should your fee be? Airbnb assists you in determining pricing by displaying local averages.

On Airbnb, you can also make money by hosting an experience. “Airbnb experiences are activities created and conducted by locals who are passionate about what they do. They go above and beyond traditional tours or seminars by immersing guests in a host’s unique world,” according to the Airbnb website.

If you wish to host an experience, look over Airbnb’s quality guidelines for experience criteria. Basically, the visitor must be given access to something, be able to participate in something, and be given a unique perspective. Design your experience after studying the quality requirements and submitting it to Airbnb for approval. You are now ready to publish and host your experience after it has been authorized.

2. Airbnb host requirements in Canada:

Non-residential

Given the fact that collecting rent from Canadian real estate or disposing of Canadian real estate might make you liable to Canadian income tax, determining whether you are a resident or non-resident of Canada can be rather complicated.

You must pay Canadian income taxes if you are a non-resident of Canada and have taxable rental income in Canada as a consequence of your Airbnb taxes. The income tax treaty between Canada and the United States, however, can offset the tax rate. You should follow the guidelines described in Income Tax Guide Under Section 216 since you are receiving rental income.

However, you can decrease the amount of tax you owe by filing a separate Canadian tax return to report your rental income.

Residential

If you are deemed a Canadian resident, you must adhere to the tax regulations that apply to residents. Except for Quebec citizens, Airbnb hosts in Canada are required to report their Airbnb revenue to the Canada Revenue Agency (CRA). Your gains from rental activities will most likely be deemed rental income if you include typical amenities that are common to all rentals, such as heat, electricity, in-suite laundry, and parking. If you offer extra services like cleaning, security, or meals, you will be deemed a company.

Before you second-guess yourself, remember that because you’re reporting the income, you’re also eligible to deduct expenses linked to that revenue.

3. What are the tax benefits that Airbnb hosts claim in Canada?

Whether your Airbnb revenue is classified as rental or company income, you’ll want to deduct as many qualified costs as possible to lower your tax bill. Here are some examples of vacation rental charges you can claim:

The interest on your rent or mortgage
The cost of cleaning products or the cost of a cleaning service
The cost of new towels and bedding for guests
Any small additions or renovations to the guest area (i.e., adding a fresh coat of paint to the room)
The price of breakfast and snacks for visitors
Soap, shampoo, and other toiletry costs
Whether you rent a storage locker or place a lock on a cabinet, you may have to pay fees to store your belongings
The expense of adding a keypad or lockbox so that guests may check in themselves
The price of creating new keys
Any maintenance or administration costs you could pay to have your listing maintained by a third party
If you own your house, you will have to pay property taxes (only for the period your property was available for rent)
Travel expenses to and from your rental property to collect rent, check on visitors, prepare the property, and so on.

4. Responsible hosting in Canada

Cleanliness and good health- In general information about hosting places to stay, you may find information on Airbnb’s 5-step improved cleaning procedure.

5. Permissions and general regulations

It’s crucial to double-check that you’re allowed to host on your property. Contracts, legislation, and community rules are all examples of constraints. Consult a lawyer or your local government to learn more about the regulations, limits, and requirements that apply to your situation.

Permits and contractual agreements- Subletting and hosting are sometimes prohibited by leases, contracts, building regulations, and community rules. Examine any contracts you’ve signed or get in touch with your landlord, community council, or other government agency.
Mortgage stipulations- Check with your lender to see if there are any limits on subletting or hosting if your home has a mortgage (or any other type of debt).
Housing limitations that are subsidized- Subsidized housing frequently includes restrictions prohibiting unlicensed subletting. If you live in a subsidized housing neighborhood and want to become a host, contact your local housing authority or housing association.
Housemates- Consider creating a formal agreement with your housemates to outline expectations if you share a home with others. Housemate agreements might cover topics such as how often you expect to host, guest etiquette, revenue sharing, and more.

6. Courtesy

Helping your visitors understand appropriate practices for interacting with your community is an important part of being a responsible host. You’re helping to create a fantastic experience for everyone when you share local norms and customs with your guests.

Rules of the house- Your home rules can be entered in the Additional remarks area of your Airbnb account’s Listing information. When you express your expectations with your guests up front, they typically appreciate it.
Neighbours- If you’re going to host, it’s typically a good idea to notify your neighbors. This provides them the opportunity to express any issues or reservations they may have.
Parking- Inform your visitors about any parking restrictions in your building or area. For example:
- Only park in an allotted spot on Tuesdays and Thursdays due to street cleaning
- Don’t park on the west side of the street on Tuesdays and Thursdays due to street cleaning
- Street parking is only accessible between 7 p.m. and 7 a.m.
Pets- To begin, check your lease or building bylaws to see if there are any pet restrictions. If you allow guests to bring their dogs, they’ll enjoy knowing where they can exercise them and dispose of their waste. If a guest’s pet annoys the neighbours, have a backup plan in place, such as the phone number of a local pet kennel.

7. Insurance

Work with your insurance agent or carrier to figure out what kind of responsibilities, restrictions, and coverage you’ll need for your individual situation.

Host Protection Insurance and Host Guarantee- The Host Guarantee and Host Protection Insurance offered by Airbnb provide minimal coverage for the stated damages and liabilities. These, however, do not replace homeowners’ or renters’ insurance, nor do they provide enough liability coverage. You may also be required to meet other insurance requirements.
Basic insurance benefits and liability- Check with your insurance agent or carrier to see if your homeowners or renters policy provides enough liability coverage and property protection for your listing.

Looking for the Best Canadian Cities for Airbnb Investments?

If you are looking for a lucrative Canadian rental market, make sure to check out the most profitable Airbnb locations in Canada!

8. How much can an Airbnb host earn in Canada?

While Airbnb occupancy rates in Canada vary per city, it’s important to know beforehand about your profit as a host. For instance, here is a graph of the average monthly revenue and occupancy rates of 5 major cities in Canada.

1. Airbnb Profitability in Toronto

Occupancy rate: 75%
Annual revenue: C$33,228
Average Daily Rate: C$131

2. Airbnb Profitability in Quebec

Occupancy rate: 69%
Annual revenue: C$44,460
Average Daily Rate: C$179

3. Airbnb Profitability in Vancouver

Occupancy rate: 87%
Annual revenue: C$57,119
Average Daily Rate: C$168

4. Airbnb Profitability in Calgary

Occupancy rate: 67%
Annual revenue: C$27,328
Average Daily Rate: C$102

5. Airbnb Profitability in Ottawa

Occupancy rate: 65%
Annual revenue: C$27,605
Average Daily Rate: C$111

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Airbnb Rental Arbitrage All About Airbnb

Rental Arbitrage Las Vegas

Post author By Shivam Kaushik
Post date September 30, 2021

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There is a low-cost gamble with a very high earning potential. You can augment your income by renting out a property without actually owning it. Rental Arbitrage enables this setup. It is a smart way to earn passive income with only minimal investment!

In this guide, we’ll explain rental arbitrage in layman’s terms and provide some expert tips. We also included the best areas to do rental arbitrage in Las Vegas to help you make the best investment decisions. Stoked to learn more? Continue reading!

What is Rental Arbitrage?

Rental Arbitrage is a method similar to house hacking, where you rent out a spare room in your property. The difference between these two is you don’t need to own the house in rental arbitrage. Instead, you convince the property owner to allow you to sublease the house on Airbnb and VRBO.

Can you do Airbnb Arbitrage in Las Vegas?

Yes! Rental Arbitrage in Las Vegas is applicable to any type of residential real estate. These can be multi-room apartments, houses, condo units, duplexes, and triplexes. It is a smart way to add a stream of income through the short-term rental of your subtenants. This allows you to pay your own rent and earn more.

Assuming you are renting a duplex in Las Vegas for $1,800/month. You are living by yourself on either side and you decide to sublease the other on Airbnb. Let’s say you listed it for $100/day and got 80% occupancy. This will bring in approximately $2,600 per month in revenue. Not only will it fully cover your rent, but it will give you a profit of $800. This, in a nutshell, is called rental arbitrage.

Check out the wider definition of Rental Arbitrage based on the ultimate guide for STR investors!

Legality and Regulations in Las Vegas

Short-term rentals in Las Vegas are only permitted in owner-occupied properties with three or fewer bedrooms that are at least 660 feet distant from another short-term rental. Licensing, noise, and parking regulations all apply to rentals.

Short-term rental license applicants need to fill out this form. The code enforcement officer will then inspect the property after the payment of the application and annual permit fees. See here for the complete list of application requirements.

Please remember to follow Airbnb regulations in Las Vegas, particularly regarding noise, trash, and parking concerns. Las Vegas has an Airbnb complaint hotline 702-229-3500, so neighbors can easily report violations.

How do I get my first Airbnb arbitrage?

1. Convince the landlord

Let’s say you want to get into Rental Arbitrage. Now comes the big question, how to find a good property and how to convince the landlord. Later in the blog, we’ll be explaining how to find a good property by doing proper research using Airbnb analytics. In this section, we will be focusing more on how to convince landlords. As you’ll begin your Rental Arbitrage journey, you’ll come to know that this is the hardest part of the whole process.

You need to be prepared and well-researched about the Airbnb demand in your area. Good communication skills will also come in handy here. Another thing to always keep in mind: never sublease without informing the landlord! There will be a huge number of people coming in and out when you’re sub-renting. It will only be a matter of time before the landlord figures out what you’re up to, and you might end up getting in trouble.

For convincing the landlord, rule number one is always talking about the upsides. If you can rent the property on Airbnb, so can the landlord himself. You need to make a deal with the landlord that is beneficial to them. So they lease the property to you instead of renting it by themselves.

Points to tell an indecisive landlord.

Doing rental arbitrage is a full-time business. It doesn’t generate passive income like long-term leasing. You should try approaching older people who are looking for some sort of passive income.
They are more likely to agree to a fixed long-term lease. You can also reach out to full-time working professionals or business owners. They will also be happy with a source of passive income until their property is well maintained. This brings us to our next point.
You’ll take care of the house better than a normal renter. As you are using the property for Airbnb, you will maintain it very well to make sure you get better reviews. Having a beat-up property isn’t good for business and you are more likely to monitor it often.
Not monitoring it will affect your revenue a lot. You may end up paying a huge sum of money for damages done by someone else. So telling this to the landlord might instill some confidence in them.
You can ensure timely monthly rent. You can tell the landlord that doing rental arbitrage is a full-time business with ups and downs. It doesn’t guarantee fixed income at all like long-term leasing. But if they lease it to you, you’ll make sure to pay the lease no matter what. Either from the money made after rental arbitrage or from your savings. You need to ensure timely monthly lease payments to gain the trust of the landlord.

In conclusion, you need to take care of the property like your own. Make sure to timely pay the monthly lease and keep the situation beneficial for both parties. You can also use a free rental arbitrage email template and propose your ideas to landlords!

2. Ensure the property and gain the landlord’s trust

Being on the safe side is always a good idea. Use the right tools to ensure the property is safe, and the neighbors can go on with their lives happily while you do rental arbitrage. Many landlords will have this concern when renting out their property to you. They will be worried about neighbors raising noise complaints, and it’s a legitimate concern. To help you with all these problems, here are some suggestions that you can implement:

SimpliSafe – These are home monitoring tools that you can install in the house to make sure no suspicious activity is happening there. Make sure to let the guests know about them and have their consent.
Auto host – Automatically screens problematic tenants.
Alexa Guard: If you already own an Alexa, you can use its Alexa guard feature to detect parties. It is an inbuilt feature that monitors changes in sound and sends you an alert in case the guests are having a party and making too much noise.
InsuraGuest – This insurance and tech company helps you with risk analysis and gives protection beyond Airbnb and VRBO policies.
Airbnb Calculator – Give your landlord ease of mind by providing income estimates backed by Airbnb data.

Pros and Cons

Be prepared for what you can expect from Rental Arbitrage in Las Vegas:

Pros

- No purchase of property required
- Low upfront costs
- Opportunity to repeat and scale easily
- Generate profit for other investments or business

Cons

- Invest money and time in furnishing the property

AIRBNB OCCUPANCY RATES IN US CITIES?

We conducted in-depth research & utilized our Airbnb occupancy rate calculator to feature the occupancy rates of major cities!

How much does it cost to start arbitrage?

You can expect to spend anywhere between $3,000 to $5,000. This cost includes deposit, furnishing, amenities, legal paperwork, and LLC Incorporation.

But doesn’t this contradict the low upfront cost of rental arbitrage? Well, these estimates vary from city to city. There is a possibility to do rental arbitrage for even less than this depending upon your situation and the type of property you lease.

Still, the amount is much less than investing in a new property and getting a mortgage of thousands of dollars. Plus you won’t be on the hook for property maintenance expenses and being stuck for years with debt.

But this doesn’t mean rental arbitrage can be done with zero or on a very tight budget. There will be some upfront costs that you will have to prepare for by having some extra cash on hand. It will help pay off the lease during the off-season.

Expense 1: Rental Deposits

A rental deposit is going to be your first major expense. You will need money to be able to sign a long-term lease with the landlord. For that, you will need a security deposit for your first and previous month’s rent. Sometimes you can negotiate with the landlord and use the first month’s rent as a security deposit.

Expense 2: Furnishing

Ideally, you should aim to lease a place that is semi-furnished. Furnishing a place from scratch can add anywhere from $3,000 to $5,000 to your initial capital. Not choosing the right property can make rental arbitrage not so low cost, so choose wisely.

If the place is semi-furnished, then your best bet is to shop cheap for the rest of the stuff. You can go and find cheap supplies from places like Home Depot and IKEA. Sometimes even Walmart can have a hidden gem if you look closely.

Expense 3: Photography

It’s highly recommended to try DIY photography as a start to save money. You can even learn how to take the best Airbnb photos to highlight your listing! But if you have the budget, hiring a professional photographer is also an excellent option.

Expense 4: Cleaning Services

This is not a starting cost, but you will end up spending on cleaning eventually. The best way to save money is to do it yourself initially if you have the skills and experience.

If you have no experience or you don’t want to invest time in cleaning a place, then your best bet will be to hire a professional cleaner. This can cost you anywhere from $50 to $250 depending upon the size and location.

Expense 5: Legal Consultation

Maintaining a professional relationship with a real estate lawyer can be very helpful in the Airbnb business. Airbnb regulations keep updating and you would need some legal guidance on the way to adjust your business accordingly.

They can also come in handy if you face any legal issues with the landlord or guests. They can help in damage claims and insurance as well in case of any mishappening.

Best areas for Rental Arbitrage Las Vegas

1. Henderson

According to Airbtics Dashboard, Henderson is the top market for your rental arbitrage business. The area has 635 Airbnb listings that have an average annual revenue of $60,425 with a 64% occupancy rate.

2. Charleston Preservation

Airbtics Dashboard, Charleston Preservation is the second-best market to start your Rental Arbitrage business. There are more than 232 Airbnb listings that have annual revenue of $32,254 and a 66% occupancy rate.

Conclusion

In summary, rental arbitrage in Las Vegas can be a very profitable side income. Since it does not require you to purchase a property, it’s also practical for beginners trying to be real estate players without spending millions.

Leverage your rental arbitrage opportunities by using a free short-term rental estimator and determine the best areas that will bring long-term profitability!

Tags Airbnb Rental Arbitrage, lat_36.1672559, lng_-115.148516

All About Airbnb Hosting Tips

Discover: How Much Can You Make on Airbnb?

Post author By Shivam Kaushik
Post date September 28, 2021

Do you want to start an Airbnb business but want to know first how much profit you can make? Then you’re reading the right article! If you want to calculate Airbnb income from your rental property, then feel free to use this calculator to get the exact numbers.

The majority of people who start their STR (Short-Term Rental) journey are usually for the purpose of having a side hustle. Many are looking to rent out a spare room, a second home, an attic, or a vacation home. On average, most Airbnb hosts make roughly $1,000/-month on Airbnb as a side hustle. But there are also several hosts who are doing STR as a full-fledged business and making a fortune.

In fact, did you know that most people who are making a fortune doing Airbnb full-time are mostly doing Rental Arbitrage? Since this does not require purchasing a property right away, it’s perfect for those who are on a limited budget and want to test the waters first!

Airbnb Experiences Revenue: Based on Airbnb Host Experience

Let’s face it, operating an Airbnb business can be lucrative as long as the right goals are met by conducting Airbnb market analysis. While the majority of hosts use Airbnb hosting tools to save time and boost their return on investment, it’s still important to rely your decisions on accurate data.

Let’s reflect on this host’s story and learn about the average income for Airbnb:

Jennifer Ward, an Airbnb host in Tallahassee, Florida. She was living with her dog in a 4-bedroom house working a 9-5 job. She decided to rent out 2 rooms as she was having a financial crisis due to her poor health. Also, she was worried about not having any source of passive income in case she was unable to work any longer.

So in 2018, she started renting 2 bedrooms on Airbnb. Being new to the business, she was quickly crushed by the competition. She told us that she used to get some bookings here and there but it wasn’t predictable. As a result, the income was not stable.

The average income from Airbnb that she received was ranging from $650 to $920 a month during that time. Also, the competition was very professional and was beating her by providing better amenities at cheaper prices. Furthermore, she wasn’t aware of what amenities she should provide and how to price the property correctly in different seasons.

This led her to struggle for a while, but she slowly started talking to other hosts on FB Groups and Community. This led her to understand what she needs to improve and what others are doing in the industry. She upgraded the amenities and changed the decor of the house to make it cleaner and more professional in photos.

She also started using data to plan her pricing strategy to help her keep track of the competition. After 4 months of struggling, she saw an increase in booking and also consistency. This happened after learning all the minute details of this STR business

Like Jennifer, there are many success stories out there. But as many success stories are out there so are unsuccessful ones. What’s the difference? Let’s take a look at what separates successful hosts from unsuccessful ones.

Average Income on Airbnb

Renting out on Airbnb is a great idea as it allows you to use an existing asset, your house, and make money from it. If you set up things properly it can even be a very passive source of income with little to no involvement of yours. This is the reason why Airbnb short-term rentals are very lucrative.

On average, Airbnb host earnings can be around $1,000 a month. But this number can be very different based on your location, property, and your hosting skills. If you are able to provide some kind of unique experience to your guests. Then you can even look at making 6 figures just from this side hustle of yours.

How Much does it Cost to Start an Airbnb?

Most travelers are used to luxury hotels and homestays when they are traveling. Your house might be a perfect abode for you and your needs, but you’ll have guests with different expectations. You might need to invest in the decor and remodeling of the house when you start your STR business. This can be very expensive or super cheap depending upon the current condition of your house.

To begin with, you can always start by renting out the extra space in your home if you think that it won’t meet your financial status for the time being. Airbnb startup costs can range from $5,000 to $7,000, depending on your list of essentials for the room, kitchen, and bathroom amenities.

At the same time, since you are competing with other hosts, some of whom are doing it full-time professionally. This results in people having higher expectations after staying in different homes. And if you aren’t able to match those expectations then you might end up getting average reviews and unsatisfied customers. This will impact a lot on your overall revenue in the long term.

How much can you make on Airbnb in your neighborhood?

Once you have made up your mind to start your own STR business, you might start thinking to yourself: Is my neighborhood good enough to attract a decent amount of tourist traffic? If it does, where does your house stand compared to the others? And exactly how much revenue do other properties generate in the neighborhood?

To answer all your doubts and give you an accurate estimate of revenue and occupancy rate in your neighborhood, you can use Airbtics. By entering your address in the search bar, you can seamlessly go through your preferred neighborhood and compare the performance of your competitors in one comprehensive dashboard – helpful to make the wisest investment decision!

How Much Taxes Would I Pay for my Airbnb Income?

If you rent out your property for more than 14 days in a calendar year, then you need to disclose your Airbnb Revenue to the IRS. In addition to this, f 10% of the total days it’s rented out to visitors, then you’ll need to disclose your Airbnb revenue and costs to the IRS.

If you earned more than $20,000 or made 200 or more reservations in a calendar year, you’ll need to submit Form 1099-K. If you fail to submit the 1099 form, then the company you are using to do STR can withhold 28% of your revenue generated. So it’s better to do the proper paperwork as you’ll pay far less than 28% if you file your taxes!

Apart from paying Uncle Sam, hosts also have to pay a fee of 3% to Airbnb. There are some variations to this. If you’re an Airbnb Plus host who lives in Italy or has an exceptionally rigorous cancellation policy, your fee percentage will be higher. For all hosts with Airbnb listings in China, the fees will be a whopping 10%.

When planning out your first Airbnb, it’s very important to keep all these costs in mind. Taking note of all the taxes and service fees will help you calculate accurate profits when planning out.

Expectation management

It’s easy to get excited to see booking come in and revenue go up after you get better at hosting. But the real profit is after paying off the IRS, cleaners, repairs, maintenance, and replacing damages.

After talking to many hosts we found out that you can expect to spend anywhere from 10 to 20% on repairs, cleaning, and other business expenses. Many new hosts don’t factor in all these expenses and end up not generating a profit in the long run.

To manage this, one shouldn’t go all in at once. Start slowly, rent out 1 room and see if you were able to generate a profit after all the expenses are paid off. This progressive method will save you from making a huge loss that will take a long time to recover from.

Always keep a rule of thumb to set aside 30% of revenue for operational costs. This is based on the volume of reservations and the quantity of the procedures, such as the management and cleaning services.

Conclusion

The Airbnb hosts that often make the most are those who have an entrepreneurial mindset and treat their rental properties as a company. There are many advantages to becoming a host, but it’s important to remember that doing it well requires effort and spending money on operational expenses.

In order to track your potential Airbnb profit, you can always do your research online or ask several hosts on forums such as Bigger Pockets, Quora, and Reddit. It could certainly be difficult to accurately estimate your revenue manually, which is why you’ll notice that the majority of professional hosts use short-term rental analytics tools.

In the digital era where everything is almost available at the tip of your fingers, don’t waste your time and energy on investing in the wrong property! Try Airbtics today and get ahead of your competitors in the market.

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Airbnb Rental Arbitrage All About Airbnb

Rental Arbitrage Texas

Post author By Shivam Kaushik
Post date September 28, 2021

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Introduction

Rental arbitrage in Texas is one of the popular ways to earn a passive side income through Airbnb. If you wish to start but don’t know how – then you’ve come to the right article!

In this guide, we’ll explain rental arbitrage in layman’s terms and provide some expert tips. We also included the best areas to do rental arbitrage in Texas and a comparison between Texas cities. At the end of the article, you’ll learn how to make the best investment decision by doing rental arbitrage in Texas. Stoked to learn more? Continue reading!