As cities continue to grapple with how to manage the so-called sharing economy with the growing trend of Airbnb and other short-term rental companies, landlords find themselves faced with added insurance liabilities and property damage.
Real estate assets acquired through years of hard work are quickly becoming tenants free source of income.
Unfortunately, the Residential Tenancies Act does not protect landlords against these types of arrangements. Until amendments are made to prohibit tenants from letting a rental unit on Airbnb and to allow for the immediate termination of tenancy upon proof the unit is being used that way, it is a landlord’s responsibility to perform ongoing due-diligence.
Regular tenant inspections help prevent and rectify these situations as they arise. Our team of seasoned professionals will identify physical signals of AIRbnb activity.
Here is a recent article which further exemplifies the issue and repercussions of AIRbnb,
