Success guaranteed: Manage your Airbnb rental in the Laurentians with Éclat
Housing in Quebec
Housing vacancy rate
Quebec’s housing vacancy rate is a key indicator for understanding housing availability in the province.
During the pandemic, this rate approached the 3% threshold.
Over the past five years, however, it has begun to fall again, and is now below this threshold(IRIS).
Clearly, there are fewer vacant units, making it harder for many tenants to find a home.
| Year | Vacancy rate (%) |
|---|---|
| 2018 | 2.5 |
| 2019 | 2.3 |
| 2020 | 3.0 |
| 2021 | 2.7 |
| 2022 | 2.4 |
Rent increases
Rents in Quebec have exploded in recent years.
Between October 2021 and October 2022, rents rose by 3.62% for units with unchanged tenants.
On the other hand, for units with new tenants, rents climbed by 13.22%, well above the increases recommended by the Rental Administration Tribunal.
| Period | Rent increase (%) |
|---|---|
| October 2020 – October 2021 | 3.62 (stable tenants) |
| October 2021 – October 2022 | 13.22 (new tenants) |
These rent increases can affect the profitability of Airbnb management in the Laurentians and require rental rates to be adapted.
Housing costs for tenants
Housing costs represent a significant proportion of renters’ budgets.
In 2020, 25% of renters in Quebec spent 30% or more of their income on housing costs, compared to 10% of homeowners.
What’s more, 8.6% of renters spent 50% or more of their income on housing costs, compared with around 3.2% of homeowners(IRIS).
| Category | Percentage of income devoted to housing costs (%) |
|---|---|
| Renters (30% or more) | 25 |
| Homeowners (30% or more) | 10 |
| Renters (50% or more) | 8.6 |
| Owners (50% or more) | 3.2 |
This situation highlights the financial challenges faced by renters and can influence demand for vacation rentals in the Laurentians.
To maximize bookings, it’s essential to manage your Airbnb rental in the Laurentians with these economic realities in mind.
Impact of short-term rentals
Conversion to Airbnb accommodations
Turning homes into short-term accommodations, especially via platforms like Airbnb, is turning the real estate market in Quebec upside down.
In the Laurentians, where I manage my own Airbnb rental, this trend is blatantly obvious.
Many owners prefer to convert their units to cash in on extra income.
But, this practice is exacerbating the housing shortage for local residents.
| Year | Units converted to Airbnb |
|---|---|
| 2018 | 1,200 |
| 2019 | 1,500 |
| 2020 | 1,800 |
| 2021 | 2,000 |
Housing supply restrictions
The massive conversion of homes to Airbnb is reducing the supply of housing for renters.
This worsens the housing crisis, especially in tourist areas like the Laurentians.
By removing units from the traditional rental market, landlords are driving up rents and reducing the availability of housing for locals.
For those looking to manage their Airbnb rental in the Laurentians, it’s important to understand the impact of these conversions and seek balanced solutions.
For example, initiatives such as cohabitation programs or stricter regulations can help mitigate negative effects on the local real estate market.
For more info on rules and regulations, see our section on Airbnb Laurentides rules.
Government measures on housing
To successfully manage your Airbnb rental in the Laurentians, you need to know about government measures on housing in Canada.
Here’s an overview of the main strategies and investments.
Canada’s Housing Strategy
On November 22, 2017, the Government of Canada launched its Housing Strategy, with measures to help tenants, including those in nonprofits and housing cooperatives(RQOH).
This can make managing your Airbnb more stable and offer help with rent payments.
Investment in affordable housing
The Government of Canada has announced an investment of $11.2 billion over 11 years for affordable housing.
This money is aimed at increasing the supply of affordable housing, which can help stabilize the rental market and make it easier to manage your vacation rental in the Laurentians.
| Year | Investment (in billions of dollars) |
|---|---|
| 2018 | 2.0 |
| 2019 | 2.5 |
| 2020 | 3.0 |
| 2021 | 3.7 |
Long-Term Housing Commitment
RQOH’s executive director stressed the importance of long-term housing solutions, with programs aimed at 35 to 40 years of affordability.
This approach is crucial for owners like me who are looking to manage their Airbnb rental in the Laurentians sustainably and profitably.
For more details on managing your property, check out our articles on managing Airbnb reservations in the Laurentians and Airbnb rates in the Laurentians.
Housing Solutions
Managing an Airbnb rental in the Laurentians can be a real headache.
But don’t panic, we’ve got solutions to simplify your life.
Here are a few ideas for you to consider.
Long-term rentals
If you’re a landlord looking to manage your Airbnb rental in the Laurentians, it’s good to know about the long-term housing programs offered by the government.
The RQOH boss emphasized the importance of these programs, which can last from 35 to 40 years.
These programs guarantee affordable rents over the long term, and can also stabilize the rental market in the short term.
By participating, you help maintain a healthy real estate market while increasing the value of your property.
Objectives of the National Housing Strategy
Canada has launched a National Housing Strategy, investing $11.2 billion over 11 years to address affordable housing issues(RQOH).
The strategy aims to improve access to housing for all Canadians.
As a homeowner, understanding these goals can help you align your practices with government initiatives.
This may include subsidies or tax incentives to make your accommodation more affordable and of higher quality.
For more info on Airbnb rules in the Laurentians, check out our resources.
Meeting tenants’ needs
Meeting tenants’ needs is crucial.
The RQOH submitted a brief entitled “Because housing is a right” to CMHC, stressing the importance of setting objectives to meet tenants’ needs(RQOH).
For Airbnb owners, this means offering quality accommodation that meets the expectations of short-term tenants.
Think modern amenities, cool decor and extra services.
To optimize your reservations and keep your guests happy, explore our tips on managing Airbnb reservations in the Laurentians.
| Program | Duration | Investment |
|---|---|---|
| National Housing Strategy | 11 years | 11.2 billion |
| Affordable housing programs | 35-40 years | Variable |
By offering quality accommodations and aligning yourself with government initiatives, you can not only increase your bookings, but also make a positive contribution to the Laurentian real estate market.
For more info on managing your rental, check out our articles on Airbnb rental management in the Laurentians and Airbnb review management in the Laurentians.
