Better Rental Option To Recoup Home Price
Rather than a long-term rental plan, homeowners could opt in for short-term rentals with the help of Airbnb, thus allowing them to recover the money for which they bought their house for, faster than they can imagine.
An analysis of the home price data from HSBC and the World Ban was made by a British real estate company, Nested. The information showed that the benchmark rental cost in 75 cities worldwide indicated how fast short-term rentals can generate and bring in more cash from investments and savings returns.
Montreal is top of the list, with the best ranking in Canada. It takes approximately 273 months to retrieve the worth of a house priced at $354,371, for an average rent of $1,296. Whereas, short-term rentals on the other hand can bring in about $4,816 per month, with a total of 74 months for the initial cost of the home too be recouped.
An average home priced for $615,737 in Toronto would mean renting a home for a period of 297 months at an average rent of $2,073. While the money can be gotten back in just 135 months with short-term leasing. An average home in Vancouver costing for $865,344 would be recouped in 214 months from short-term rentals, unlike a long-term rental which would take at least 341 months