Toronto condo become first to join Airbnb Friendly Buildings program
Published: October 29, 2017
Updated: July 24, 2018
Author: Luke Jones
CATEGORY: Industry News
A Toronto-based condo building has signed an historic agreement with short-term rental giant Aribnb. The US company says the building has become the first in Canada and the first outside the United States to sign to the Friendly Buildings program.
Neptune condominiums, located near Toronto’s waterfront has agreed to the program, which aims to bring regulations to short-term rentals. The agreement with Airbnb will begin Nov. 1, 2017, allowing the condo board of the building to more strictly control who hosts and checks renters.
"There was a large number of people concerned about security and not knowing who was in their building," said Nick Bednarz, vice-president of the building's condo board. Because of this concern, owners are not happy about host renters.
"It was not a good experience for the host and the guest,” has said to CBC.
Despite this, there is an overwhelming support for short-term rentals to be allowed, so Bednarz went to Airbnb to find a solution. The Friendly Buildings program was trailed in the United States and was recently fully launched. Bednarz can now regulate who and comes and goes within the condominium.
- Security will have access to a website showing who is hosting and who their guests are at any given time.
- Guests must have government-issued ID on file with Airbnb.
- The condo board can request Airbnb to kick someone off the platform if too many complaints are incurred, on a case-by-case basis.
- Airbnb shares five per cent of revenue from rentals with the condo board
- Property insurance up to $1 million for personal units and common areas.
- Hosts pay $50/month for building upkeep.
"If there's ever a problem, there's no question we'll know exactly who is involved and we can deal with it," said Bednarz, estimating about 80 units in the building are actively rented out on Airbnb. "When you have a [lot] of traffic coming in, it takes a toll on your hallways, pool, sauna. That's why the [$50 fee] was required."