Anyone here ever host in Toronto before? I am a new host starting in Toronto. Started in August and it has been great mostly booked till September. I am scared for the Canadian winter and what it could mean for my listings. I would love some insight.
Hi Jack! Take a look at a presentation Beyond Pricing did on how to price your Airbnb in Toronto:
www.slideshare.net/BeyondPricing/how-to-price-your-airbnb-in-toronto
Revenues will obviously go down, but seasonality is a part of the accommodation industry. Just be sure to adjust your prices down to ensure you still get bookings! Hotels will be dropping their prices significantly.
Which area in Toronto are you located?
I normally enter my postal code every now and then to see how everyone else around us have adjusted their prices and I change mine accordingly.
It definitely slows down. A lot depends on the type of listing you have, your location and how you price things. We are a pro hosting company here in the city and we have to warn all of our clients about the seasonal slowdown between October-May.
If you plan things properly you should be ok. Always put away some of your money from the summer to help you get through the winter, especially if you rely on that money for rent, etc.
We host regular host meetups in the city if you’re interested in attending. You can learn a lot from chatting with other hosts and some of the more professional ones in the group. Our FB page or Meetup group page will let you know when the next one is planned.
http://www.meetup.com/Toronto-Vacation-Rental-Properties-Meetup/
I’m in NY and my bookings go down during the winter. My philosophy is if I make the same amount of money I would make with a roommate or long term tenant during the winter months I’m ahead of the game.
For example my two bedroom apartment listing goes for about 2k a month for a long term tenant. Adding a bit of money for utilities and furniture. I figure it I make $2,500 a month I’m good. That is less than $100 per night for a 2 bedroom in NY. A huge bargain for any guest.
I don’t price myself that low but I know if I did I’ll be fully booked.
I also do a lot of renovations, paint, etc during the winter months.
In addition, collect your guests personal email address, you can then send them a special discount offer when you send them your Happy holidays email.