Why transient rentals are so popular

Thanks to the Internet it is easy for condo owners to advertise their units and for renters to find the condo that has the features and amenities they want, in the right location and at an attractive price.

Who rents short-term?
People who are looking for the luxury of a full-service hotel suite at the price of a budget hotel.

A short-term condo rentals are popular with families or two-three couples who want a vacation rental property that can be rented for a weekend or more, but probably no longer than a month. It can be a lot cheaper renting a two-bedroom condo than to rent two or three separate hotel rooms.

A condo in Mississauga can be rented for as low as $67 a night with a minimum of a four-night stay. Some condos in Toronto can be rented by the day, weekend or the week.

Rent a condo by the hour
As David Fleming wrote on his blog, why not? Some condo declarations will allow this as well as single night, weekend or weekly rentals.

What is the attraction?
A condo short-term rental offers multiple bedrooms and bathrooms, a full kitchen, a patio or balcony, and extravagant extras like a private swimming pool, free Internet, saunas, barbecues, games rooms, and fitness centres.

Out-of-town businessmen who are attending a conference, a training seminar or are on a temporary assignment may want to take their family with them so a fully equipped kitchen and a condo's ample amenities seem attractive.

These units attract salespersons or business representatives who go to different cities for trade shows or for short-term sales promotions.

Many condos allow the family to bring their pets with them so there is no expensive boarding costs.

Other renters want to stay in a rental condo unit for a night or two because they are in the city just for a couple of days or they want a place to host a party.

What do the renters get?
The visitors may find renting a unit in a suite hotel to be a bargain compared to staying in a regular hotel. Here is what one of the above companies offers:

Our fully furnished and equipped short term rental apartments can save you up to 50% of conventional city hotel rates.

Our prices are very competitive. We can give you a suite from $99.00 Canadian per night. That's right $99.00 Canadian we will give you a full furnished suite. Some conditions apply. Check out our prices page for details or contact us. Our operators standing by!

Note: The prices shown may change without any prior notice.

Your Executive Suite Includes:

Four to six room apartments.
Luxury furnishings and decor.
TV, clock radio, desk, beds, sofa beds, dining table, wall-to-wall carpeting, linen, towels, private direct dial telephone, cable television, regular maid service, air conditioning -- plus:
Fully equipped kitchen, toaster, tea kettle, coffee maker, pots, pans, utensils, dishes, cutlery, glasses, large appliances, etc.
Building Features:
Indoor/outdoor heated pool, saunas, outdoor sun deck, health spa, squash courts, outside tennis courts, exercise room, whirlpool.

Superior, similar to a Ramada Inn/Holiday Inn.

What do the owners get?


A sign hangs on a door in Toronto on Monday, February 23, 2015. (Darren Calabrese for The Globe and Mail)

If an owner can rent their furnished unit often enough, they can make a lot more money renting short-term than by renting their unit on a six-month or on a one-year lease.

Of course there are some risks as this Globe and Mail article and from Andrew la Fleur, a Toronto Realtor, makes clear.

It is a lot more work but if an owner has two or more condo units in a building, they may be able to operate the units as a black-market hotel.

Finally, an owner-resident can make a few quick bucks by moving in with a relative and renting their condo for the length of a special event such as the Gay Pride Week, Caribana, conventions, a rock concert, the Olympics or the Maple Leafs' games.

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