Online marketplaces like Airbnb are helping homeowners get even with their mortgages and debts. All it takes for them is to turn an extra bedroom or partitioned living room into income-generating spaces.
Airbnb country manager for Canada Aaron Zifkin said “over half of the people that post on Airbnb are doing it to pay off the mortgage or for monthly expenses and day-to-day living”.
Two of these Canadians turning to Airbnb for profit are Allison and Brody, a couple who want to remain anonymous for tax reasons. They bought an Ottawa townhouse at $185,000 with a $1,000 monthly mortgage.
But for almost two years now, they’ve been renting out the spare bedroom 90% of the time. The income has surged to $8,000 in 2014 or 66% of their monthly mortgage payments.
Another homeowner is Chloe, who also wanted to remain anonymous. She bought a one-bedroom Forest Hill condo in 2012 for $245,000. Her mortgage is set at $1,850 a month, but she is having it rented at $2,422 a month.
Her property has an 85% occupancy rate and is considered a “Superhost” by the website. In fact, she has moved out and now rents a townhouse nearby.
“I think I was always going to keep my condo as an
investment property,” she says. “I just didn’t think this was going to be how it was going to be.”
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