AirBnb has made it easier than ever to find affordable and unique accommodations while travelling around the world. Although the platform is commonly known for its short-term rentals, AirBnb also offers long-term rentals that last 28 days to six months. The fully finished apartments, condos, homes, and even mansions can be rented in cities worldwide. Renters pay for their stay, bills, and utilities through AirBnb’s online portal.
While the booking process is similar to a short-term rental, the agreement leans towards a sublet or long-term lease on an apartment. It is important to note all local laws related to tenant rights, evictions, and rentals.
Short-Term Rentals vs Long-Term Rentals
Booking and Payment
When a traveller books an AirBnb for a short-term period, per-night fees, service fees, and cleaning fees are determined before booking. Before the check-in date, the traveller either pays the full cost of the stay or a partial cost at the time of reservation and the remaining before check-in.
When booking an AirBnb for a long-term period, you are charged the first month down payment while you pay the rest in monthly instalments. At the beginning of the reservation, the price of your stay is locked, and you can see your total reservation cost and successful payments made on your billing receipt. Hosts may ask you to sign a rental agreement or contract, but they must disclose this requirement and its terms before booking.
Cancellations and Changes
There are three standardized cancellation policies for short-term stays: flexible, moderate and strict. Before booking a stay, guests will be asked to agree to the host’s cancellation policy.
If you choose to cancel your long-term AirBnb, a 30-day notice is required to terminate the lease.
If a guest changes or cancels their long-term reservation:
- Their first payment may be non-refundable
- If cancelled after the trip has started, the remaining nights in their reservation are non-refundable. It there is more than 30 nights left in the booking, only the next 30 nights are non-refundable
- The host can choose to give them an additional refund
If the guest wants to change their reservation, the host will need to approve the change.
If you are looking for a long-term rental in Toronto while you explore a new job opportunity, embrace new culture or for a change of scenery, there are many options available to you. While AirBnb offers affordable short-term and long-term rentals, for a more stable and secure long-term rental option, look no further than Listatto.com. Our team of friendly and professional agents assist you with your long-term rental and help you find the right Toronto Apartment/Condo to suit your busy lifestyle.