$84/hour! That’s what one study says is the average “salary” for someone who rents out their property as a vacation rental.
With one out of four family travelers staying in a vacation home or condominium rental as an alternative to conventional hotel or resort accommodations last year, and most owners being able to charge a nightly rental rate of $217, it seems like easy money.
But, perhaps not surprisingly, that’s not the whole story. You might remember hearing last year about the couple in Calgary whose home was destroyed after renters caused over $50,000 in damage to the property.
And because this is still a relatively new (and booming) industry, there is still a lot of regulatory grey area, which can make navigating through the risks and rewards tricky for owners.
That is why Continuing Studies at UVic is offering a new course this fall, led by instructor Susan Jones, a former property manager in Victoria, which is designed to help people understand the risks and rewards of offering short-term rentals in an increasingly competitive market. As well, this one-day class will touch on some of the accounting and legal ramifications currently being examined by local and provincial governments.
“I would really like people to leave with a good understanding of what the risks are, both as a host as well as a guest, and how you can do your due diligence in both of those positions,” Jones told CBC’s All Points West guest host Kirstie Hudson earlier this week.
“Vacation Rentals: To Host or Not to Host” is now open for registration and will take place November 1, 2016.
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- Posted June 21, 2016