Toronto’s new Airbnb hosts have earned more than $ 2.5 million since pandemic first hit
Investors who have used sites like Airbnb to operate illegal ‘ghost hotels’ may try to pull out of downtown Toronto in light of pandemic losses and new restrictions, but it appears regular hosts – the type of people Airbnb was actually for – it’s been pretty good lately.
A new report from the short-term vacation rental platform shows that new Toronto hosts with a single registration have made around $ 2.5 million, collectively, since the start of the COVID-19 pandemic.
Globally, the company says single-owner hosts who joined Airbnb after February 2020 have since earned more than $ 1 billion.
“The COVID-19 pandemic has sent travelers looking for a safe and comfortable environment to connect with family and friends, creating an economic opportunity for others to earn extra income by putting their homes up for sale. on Airbnb ”, we read in a press release announcing The report.
“We are delighted to be able to announce that the new hosts with a single registration who have welcomed their first guests after the start of the pandemic have already earned more than $ 1 billion.”
Airbnb says the “typical new host” in Canada has earned about $ 2,400 since the start of the pandemic.
“It’s income that goes to pay big bills. Half of all hosts in the world tell us they use their Airbnb income to stay at home,” the report read.
“In a particularly difficult time for working women, who have been hit hardest by job losses during the pandemic, we estimate that 55% of these new hosts are women and they have collectively earned more than one half a billion dollars in hosting on Airbnb since the pandemic. begin.”
Depending on the size, location, dates, and degree of privacy involved in a given unit, places in Toronto currently go for as low as $ 71 per night to over $ 600 per night.
There is indeed a lot of evidence on the platform of Toronto residents who are renting out their entire home or parts of their home, as permitted under recently updated (and much stricter) rental bylaws. short term.
Having said that, there are also many hosts that appear to have multiple listings that are not primary residences. Others have bend the rules by calling themselves hotels (which are exempt from city rules) or increasing their minimum stay limit to 28 days.
Additionally, thousands of Airbnb hosts are believed to be operating unlicensed (this, based on the number of current listings and the number of hosts who have actually registered their properties with the city, as its news requires. rules.)
Some ghost hotel operators with dozens of Airbnb condos have been caught rigging registration numbers, but the city has pledged to crack down on the execution – which means that any financial gain could soon be canceled out by fines.
The punishment for flouting the new rules includes fines of up to $ 100,000 for operators and $ 300 to $ 1,000 for individual infractions.