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I am new here in this forum and hoping to get some opinions.
We are just in the process of buying a beautiful sub penthouse in the Calgary Beltline area.
We have not decided if we rent the condo out or make it an Airbnb.
Background:
We bought the condo a few years back still in the pre construction phase and when the market was way better.
It’s brand new on the 26th floor and considered a sub penthouse.
1250sqf living space with 2 balcony, 2 bedroom and 2 bathroom.
Hope to get some feedback and opinions to help us with our decision.
And we are fully aware of the risk running an Airbnb.
I am not sure if I should run an Airbnb or rent it out as a regular rental.
Not exactly sure how the demand for Airbnb rentals is in Calgary.
I found a Airbnb management company promising me a occupation rate of 25days/monthly.
On the other hand there is a super high vacancy rate for regular long term rentals in Calgary.
So, I don’t like to have the place sit empty.
If the long term rental market supports a rent that covers your costs, I would do that. Its a load of work to do Air. What will the company charge?
Lots of ancillary costs with Air. Sheets, towels, cleaning etc. Once you have paid for those and rental costs, what is the gap?
You can get an idea of Air BB demand in Calgary by searching the listings and checking their calendars.
I did searched the listings in Airbnb.
We also run a VRBO rental in Phoenix pretty susseccfully and we know what costs come with it.
Still considering a hopefully 20day average monthly occupancy rate it makes sence.
Plus we get to use this place whenever empty.
Yes so that is the idea we have.
We wanted to furnish at anyways… so we will give it’s try.
Not sure if we really get the promised 25 days/month occupancy rate.
For sure it will take time but we are willing to take the risk
