Listing your home on Airbnb during a major concert or sporting event can make you a lot of money, but it might not be worth the effort. Listing prices for short-term rentals in Toronto during Taylor Swift’s six-concert run are up 70% compared to last year. One Reddit user says they expect to earn about $4,000 over two weekends of Swift concerts. If these numbers are tempting you to set up a short-term rental to make a quick buck, there are some things you need to consider. First, check with your landlord, homeowners association, or mortgage provider to make sure there are no restrictions to listing your home as a short-term rental. Then, familiarize yourself with your city’s or province's rules around short-term renting. Once all that checks out, the real costs start to pile up. You’ll need to update your property insurance to cover any guests and, in most cities, apply for a business licence and pay the fees. You’ll also have to pay tax on income made from the business. Then, you’ll need to invest in cleaning supplies or services, refresh bedding and towels, and possibly pay for a storage locker for your valuables. Finally, you’ll actually need to secure a booking that offsets all those costs — which comes down to the price of similar listings in your neighbourhood, and previous Airbnb reviews.
