Short-term rentals through Airbnb are a fantastic way to maximize the profits you earn from your properties. While it may seem intimidating at first, there are a lot of ways to lower the amount of work you have to perform. One of the best ways of reducing the amount of strife and pressure upon yourself is to hire an Airbnb management company. However, before getting too excited about the massive increase in profits that short-term rentals can offer, you must ensure your property is actually eligible for Airbnb.
What is “Housing Strata”?
A housing strata or strata title is the collection of different properties all located on the same geographical surface area. The word strata is referencing the different levels or floors of apartments in the same space. Commonly this takes the form of apartments or condominiums but can extend to townhouses, duplexes, fractional vacation properties or even some single-family homes in bare lands.
Understanding the regulations and limitations of your strata is extremely important. Some strata do not authorize short-term leases and set a strict 30-day minimum lease. It is vital to abide by these rules as choosing to ignore them can result in a fine or, at the very least, having Airbnb remove your listing.
What are Short-Term Rental Licenses and How Do You Get One?
Short-term rental licenses allow homeowners to rent out either a single room or an entire unit for a maximum of 30 days. Properties must be the secondary residence of the owner or in the basement suite of their primary residence. A short-term rental can only be operated from the principal residence of the owner because it will be used for bills, identification, taxes, and insurance. This means that when using one an Airbnb Management Company it is vital that you ensure the address on file is yours and not the address of the company’s office.
In order to receive a short-term rental license, you must have a valid business licence and include it in all online listings and advertisements. If you do not get a valid business license you are at risk of receiving a $1,000 fine. You can apply for a short term-rental license here.
Obtaining a Vancouver Business License
As of September 1, 2018, the City of Vancouver is demanding that anyone looking to partake in short-term leases needs to have a valid business license. The license must be visible in every online listing for any property you post. There are strict requirements that homeowners must meet in order to be successfully issued a license. These requirements range from being eligible by your strata laws to providing detailed and accurate fire plans. For a complete checklist of the requirements click here.