Short Term vs. Long Term Rentals in Edmonton

Short Term vs Long Term Rentals in Edmonton - Mortgage Broker

Short Term vs. Long Term Rentals in Edmonton

Once again, I’m joined by Travis Ball, a trusted realtor with Blackmore Real Estate! Travis and I have tips for homeowners with income properties as we debate the pros and cons of short-term and long-term rentals in Edmonton.

There are pros and cons to both approaches.

Short Term Rentals

Short-term rentals like Airbnb offer the potential for higher income, particularly in popular or tourist-friendly neighbourhoods where demand is high. However, they require more active involvement in managing bookings, addressing guest needs, and maintaining the property. This type of rental also tends to experience greater wear and tear due to the frequent turnover of guests, which can lead to higher maintenance costs. Balancing these factors is key to successfully managing a short-term rental property.

Long Term Rentals

Long-term rentals offer a more stable income and typically require less intensive day-to-day management, particularly when you have reliable tenants. However, the challenge lies in finding such tenants, as it’s crucial to ensure they are trustworthy and will maintain your property. Regarding financing, lenders generally have a preference for long-term rentals. This is because these arrangements are viewed as lower risk in terms of wear and tear and offer more predictable income streams, making them a more secure option for mortgage approvals.

Whether you opt for short-term or long-term rentals in Edmonton, it’s important to weigh your personal circumstances against the benefits and challenges of each option. Short-term rentals might offer higher income but require more hands-on management, while long-term rentals provide stability but demand careful tenant selection.

So, if you’re looking to get preapproved for a mortgage to buy an income property in Edmonton I’m happy to help you out. You can reach out to me at 780-720-2490. And once you have your pre-approval, you can call Travis Ball with Blackmore Real Estate at 780-233-8446, and he can help you find the perfect home for you.

I also have a helpful video about buying a home with a basement suite., something that might come in handy if you’re considering rental income.

Connect with Travis Ball:

About Jason Scott, Edmonton Mortgage Broker

Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.

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