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Investing in Airbnb property in Vancouver
Obtaining Airbnb rental real estate is one of the best and safest investments a person can make. While certain external factors can recalibrate the tourist business, one thing remains the same: people adore exploring new corners of the world. As such, investing in Airbnb rental property makes good sense, and it can also be a part of your wealth-building strategy.
Airbnb short-term rentals (like those lovely accommodations presented on the Airbnb website) are increasingly popular investments in hot tourist destinations. Vancouver, BC is most definitely amongst the top places tourists wish to visit. With a greater guest turnaround compared to long-term rentals, Vancouver Airbnb homes can promise substantial profits.
Yet, running a Airbnb short-term rental property on a day-to-day basis is not a simple business, but rather a full time job. It, indeed, involves significant time and effort commitment, sometimes leaving you thinking “What did I get myself into?” Well, with an effective Airbnb property management company by your side, investing in vacation rental property is bound to be prosperous.
Should You Invest In Airbnb Property In Vancouver?
Vancouver is a huge and marvelous outdoor playground, with world-class mountains, galore of parks and campsites, pristine seawalls, countless hiking trails, and tons of natural beauties to explore. One of the most beautiful and well-developed cities in the world with an endless list of activities, Vancouver, BC, will always attract crowds of tourists. So, having a cute Airbnb rental real estate here may end up bringing you a significant cashflow.
Still, managing an Airbnb rental home is not all sunshine and rainbows. An Airbnb property can consume most of your time and energy to keep it polished and profitable. The question is: should you buy property for Airbnb in Vancouver, British Columbia? Let’s take a look at this subject in greater detail.
Advantages of investing in Airbnb vacation rental property:
- A stream of extra income. Booking platforms like Airbnb and VRBO are gaining momentum because such services make it easier for both hosts and travelers to find each other. While an Airbnb property requires much attention, a vacation rental is a sound investment strategy that can bring you big dough.
- A greater earning potential compared to traditional rental investment. Staying in an Airbnb home generally costs higher than renting a traditional home. This means that you can make more money than with a long-term rental property. A well-managed Airbnb property can generate two times and, in many instances, three times the revenue compared to traditional rental real estate.
- It is still yours to be used as you please. The greatest perk of buying a Airbnb vacation rental property is that you have full control of when to allow guests to rent it and when to use it yourself. It can serve as your own weekend retreat, retirement nest, family reunion hub, or whatever else you desire. When you decide to use this Airbnb holiday rental yourself all you need to do is to block the specific dates in your Airbnb calendar.
Drawbacks of investing in short term rentals:
- Money-gobbling maintenance. As you welcome guests more frequently when you invest in Airbnb property in Vancouver, sprucing the rooms up after a check-out and restocking supplies do come at a cost. Along with regular expenses, you may face unforeseen spending to handle odd emergencies that may occur quite frequently as guest traffic to your Airbnb investment property increases.
- Local Airbnb restrictions. Depending on municipality rules, Airbnb hosts can be either limited on how many days annually they may rent out their short-term property or completely prohibited to engage in such activity. Obtaining an Airbnb licence from local authorities can also be a tricky process requiring lots of paperwork.
- Unstable income. While the earning potential of Airbnb rental homes is much higher than that of long-term rentals, your earnings may be inconsistent as many factors can affect it, including downtimes due to repairs, low season, pandemic, an overall situation in your region, etc.
- A lot of work to be done daily. Investing in Airbnb vacation rental property can add more responsibilities to your daily chores, so you may eventually find yourself unable (or unwilling) to tackle it. To avoid stress and ensure everything is perfect about your vacation rental, you can consider hiring a reputable Airbnb property management company like MasterHost.
Buying Vacation Rental Property in Vancouver With Masterhost
If you decide to launch an Airbnb rental business in Vancouver, expect yourself to wear many hats. Since Vancouver is a mass tourist appeal, brace yourself for being bombarded with booking inquiries, handling check-ins & outs 24/7, arranging maintenance and upkeep after each guest, and simply controlling every aspect of your Airbnb business.
If you have excellent managerial skills and can tackle these (and many other) Airbnb tasks with ease, you are a host with superpowers indeed!
Whether you are a beginner rental owner with shallow property management knowledge or a veteran host who just wants to sit back and relax knowing that the work is humming, MasterHost has your back covered.
A well-established Airbnb management company in Vancouver, BC, MasterHost aims to help everyone interested in investing in Airbnb short-term rentals maximize their profits. Our company offers a full range of Airbnb management services, ensuring your rental property performs at its best. We streamline every aspect of your Airbnb business, so that you can become a wealthy owner that never sweats over the hardest parts of running a rental business.
We can help you with:
- Guiding you through the local short-term rental bylaws and regulations, making sure your Airbnb is fully legal;
- Improving your Airbnb interior design to elevate its attractiveness in the eyes of Airbnb guests;
- Getting professional photographs for your property that showcases its loveliness;
- Guiding you in obtaining Airbnb property insurance to protect you and your guests from financial losses;
- Increasing your exposure to the target audience through smart Airbnb SEO;
- Adjusting your nightly rates to maximize your occupancy rate;
- Tackling guest communication and vetting potential guests, saving you unnecessary grief;
- Handling reservation requests and updating availability across all channels to prevent double-bookings (and guest frustration);
- Arranging Airbnb key exchange, so you never need to meet your tenants personally;
- Organizing Airbnb cleaning, maintenance, laundry, and re-stocking, ensuring your property looks and performs like a five-star hotel.
Where Can You Buy Airbnb Property In Metro Vancouver With MasterHost?
Vancouver
In the beautiful bustling city of Vancouver, British Columbia there is no shortage of stunning scenic beauty and mild climate. Whether they are over for business, vacation or family; guests are always in awe of how breathtaking this city is. However, when it comes to picking out a place to stay there is no doubt that hotels and Airbnbs are the choices you have at hand. As much as hotels may deliver a professional, uninterrupted and strict service, Airbnb’s are homier and carry that more personal vibe.
West Vancouver
Known as Canada’s wealthiest municipality, West Vancouver has a number of advantages and perks that make tourists pack their things and buy a ticket to this little piece of paradise. Offering an elevated standard of living that is coupled with endless opportunities to have fun, this unique region has something for all. If you invest in Airbnb property in West Vancouver, you can enjoy massive ROI, provided your rental is well-managed.
North Vancouver
Known for its safety that surpasses even the largest cities in the United States, North Vancouver is simply a popular destination for both vacationers and corporate travellers. Its beauty and tranquility are iconic, and people who have been here at least once are willing to come back again and again. Why not leverage that tourist willingness and buy an Airbnb property in North Vancouver?
Surrey
A stunning part of the Metro Vancouver area that is nestled between the Fraser River and the U.S. border, Surrey is a paradise for nature lovers. Blessed with numerous parks and green spaces, it is also great for urban life fans as it is home to galleries, museums, shopping malls, and historic sites. Tourists willingly flock to this natural haven, and investing in Airbnb short-term rentals here can be one of the best decisions you ever made.
Richmond
The coastal city of Richmond is part of the Metropolitan Vancouver area, although it is an interesting place on its own. The city is steeped in history and culture and is a beautiful place overall. Farmland, parks and green spaces are blessings of Richmond’s topography, which is also mixed with modern high-rise buildings, shopping malls, and novel architecture. However, it still has the charm of a fishing village, which explains why the rental business in Richmond is flourishing.
Burnaby
Burnaby is a thriving suburb of Vancouver and the third-largest city in the province! It is situated between Burrard Bay and the Fraser River against the backdrop of the Canadian Rockies. Tourists say that words are not enough to describe the beauty of Burnaby, making Airbnb short-term rental business here a lucrative opportunity to consider.
Delta
An amazing part of the Greater Vancouver area, Delta is a perfect city for the outdoor adventurer as it is surrounded by water on three sides while also boasting incredible natural scenery. The city is divided into three separate geographic communities; the suburb of Delta North, the historic fishing village of Ladner, and the luxury residential municipality of Tsawwassen. All three areas offer tons of things to do, especially for nature lovers. Hikers, animal photographers, bicyclists, foodies, and shopaholics – they all find something inspiring to do in Delta, making investing in Airbnb vacation rental property in this area a pretty sound idea.
New Westminster
While New Westminster is not as large as other major cities in Canada, it is a cozy community with positive city vibes. The area is mostly notable for its historical sites as well as annual festivals and numerous recreational opportunities. It has a warm and welcoming atmosphere that attracts foreigners non-stop. This also makes it a great destination for couples looking for a romantic weekend getaway. Whether it’s culture or art, food or drink, peaceful relaxation or outdoor activities that you need, New Westminster has much in stock for everyone.
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