Do you own residential properties anywhere within the City of Calgary? Perhaps you’ve heard of short-term rentals?
In a nutshell, short-term rentals are more profitable these days than long-term leasing. But, instead of you, the homeowner, doing all the legwork, cleaning, and maintenance, a rental property management company can do that for you.
But before that, on to the main question.
Calgary is economically booming
In general, Calgary’s economy is booming in almost all industry aspects. The city is the site of almost all the head offices of the Canadian oil and gas industry. Next to this, the trade sector; professional, scientific, and technical services; health care and social assistance; and construction are the industries experiencing economic increases.
So, what does all this have to do with short-term rentals? The booming industries will sometimes have short-term employment for project-based work. This is prevalent in the oil and gas industry, trade, and construction sectors. Some of these people coming to Calgary may be consultants or ‘season-fillers’ because of the holidays. Instead of staying at expensive hotels, they opt for short-term rentals where they can feel more at home.
Calgary is one of Canada’s Cultural Capitals
Calgary’s nightlife, top cultural venues, performing arts, ballet, theatre, music companies, film shooting venues, and music festivals – just to mention a few – is also booming, and this means you need short-term rentals for the artists and technical personnel coming in for project-based stints. Again, money matters step in since it’s expensive to stay at hotels if you’re only in town to film a movie for a couple of months.
Tourism and Vacations
The above-mentioned arts and cultural boom also means Calgary will get a lot of tourists to watch arts-related shows and festivals or to check out the city’s booming nightlife. Many of these vacationers will want to stay a week or more in short-term rental places rather than expensive hotels. They save money because they can cook their own food and stay in a homely environment. Also, many of these vacationers may be bringing their own vehicles, traveling by land from other parts of Canada, so they can check out other tourist and historical attractions around the Calgary areas. This means they may be looking for rentals with a garage.
The Going Rate
According to surveys conducted by the Calgary Herald and other news media outfits, the nightly rates in Calgary tend to be on the cheap side. In fact, around 77% of short-term rentals are priced at $100 or less. The rest are priced between $200 and $400, still reasonable especially if the rental property is a bit large.
Rental Property Management by Prowess
If you’re thinking of converting your residential property into a short-term rental investment, come see us first. Prowess Property Management has been managing short-term rentals since 2012. We take out the headaches of being a full-time landlord and will handle the listings, bookings, check-ins and outs, cleaning, repairs, and maintenance for you. Give us a call at +1 (587) 570-7359.