When it comes to short-term rental in Canmore, there are many options out there to start getting your property on the market. However, one platform stands above the rest as the most superior: Airbnb. While the likes of VRBO or direct bookings can be useful, if you are serious about taking your rental business to new heights, then you should be focusing your attention on Airbnb.
Here at Canmore Co-Host, our mission is to take the stress and worry away from short-term rental. We know how important Airbnb can be in helping you to maximize your occupancy. Still not sure? Here are several reasons why the platform rules the short-term rental market in Canmore…
Prominence
One of the biggest benefits of using Airbnb for your Canmore short-term rental property is its prominence in the market. There was an incredible 356.9 million nights booked through the platform in 2021 (up from 251.1 million in 2020). With an estimated 150 million people using the platform annually, placing your property on the platform can transform how many holidaymakers see it.
However, while there can be no denying that Airbnb can maximize your reach and increase your occupancy rates, you will be up against a lot of competition. That means you need to ensure that you are following the best practices for the platform and focusing on SEO to ensure your property remains as visible as possible.
More lucrative
When you are able to maximize your reach, you will also find that your occupancy rates are rising, and your profits are increasing. The average monthly rent for a two-bedroom unit in Canmore is around $1,700 (and $1,150 for a one-bed). However, the average nightly fee for an Airbnb in the same region is $269.
With full occupancy, that means you could be earning five times as much a month by using Airbnb in comparison with renting to a single tenant. However, it is important to remember that occupancy rates will fluctuate throughout the year, and you could have anywhere from 50% in the lower months to 90% in peak seasons.
Finances
Another benefit of using the Airbnb platform, particularly in comparison to private renting, is that you can have complete peace of mind that you will be paid on time. All guests are required to pay in advance, and Airbnb will hold the funds before paying you between 24-48 hours after check-in. This ensures minimal administration from your side, and the fact guests need to pay in advance also minimizes the risk of cancellation.
You can also set a damage deposit which is collected and managed by Airbnb. This is done by retaining the customer’s card details on file and then collecting the relevant money should you make a claim within 14 days of check out.
Final thoughts
While it might be tempting to throw your net wide and list your Canmore short-term rental property on as many websites and listings as possible, this can often lead to you stretching yourself too thinly. Trying to juggle multiple listings and bookings can quickly get complicated. That is why it is best to focus your efforts on a dedicated few, and Airbnb should be one of the main platforms to focus on.
We know how important Airbnb is in taking your short-term rental business forward. That is why we’re on hand to help you maximize your results. Our experienced team will work with you to reduce costs, maximize profits, and take the stress and hassle away from managing the day-to-day running of your business. Want to find out more about how we can help you? Get in touch today to find out more!
