Airbnb is truly a 21st century idea. It’s the sharing economy. Allowing someone to stay in your home while you’re not there could seem like a daunting idea but it is becoming increasingly popular. Travellers find it can be a more novel experience than staying in a hotel.
Some concerns over Airbnb have been raised though. Some people may be purchasing homes and exclusively posting them on Airbnb which is reducing the supply of housing for homebuyers. Housing supply could be going to travellers instead of people wanting to live full time in the city.
Mississauga is looking to regulate Airbnb and has gathered some interesting data:
- The averages stay is 7.5 nights
- The average number of nights rented out is 65
- The average rental cost per night is $65
- The average annual income from Airbnb is about $4,200
- 65% of rentals are for the entire home
- 38% are rentals for a private space
- 1% of rentals are for shared rooms
Regulations may limit how many days per month can be rented from residential units. And a licensing program may be implemented in order for the City of Mississauga to gather data and monitor the use of Airbnb. At this point, these are only proposals. Nothing is set in stone yet.
Airbnb will continue to be a useful revenue generator for home owners. And Airbnb hosts might take a sigh of relief as no taxes can be levied by Mississauga.
Photo Courtesy of Open Grid Scheduler