December 2017
People are sharing their homes to an extent never considered until recently. While some condo corporations prohibit short-term rentals, others view them as a way to turn an investment or underutilized property into an income producing asset.
Airbnb has provided the technology needed to make space sharing practical. The company is now considering the possibility of designing spaces for homeowners who want to rent one of their rooms.
Residential properties, including condominiums, are not always built to accommodate short-term rentals. Doing so often requires some changes to the space.
Tips for transforming a space for short-term use:
- Replace a bed with a bunk bed. Residents can share a bedroom when one is rented.
- Incorporate extra storage space for sheets and towels.
- Install electronic locks on doors. This eliminates the need for a key which can be lost or misplaced. Changing a passcode after each guest eliminates problems associated with transferring possession of a key.
- Repurpose spaces so residents can share them with short-term guests. Dining space, kitchen and living room can all be designed to accommodate short-term guests and residents. All can serve as areas for conversation and socialization.
For some, short-term rentals may be more than a source of income. Elderly people living on their own and desiring companionship may appreciate an opportunity to provide temporary housing to tourists or business travellers.
