Managing Risks Associated with Short-Term Rentals in Strata Complexes
Up until the early 2000s, short-term lodging options were predominantly provided by hotel chains and commercial providers. However, the landscape has undergone a significant shift in recent years, with platforms like Airbnb, Stayz, AirKeeper, Made Comfy, and Hometime reshaping the industry. These platforms empower individuals to directly rent out their properties to consumers, offering a lucrative avenue for additional income. Yet, the venture of leasing strata properties for short-term stays brings unique risks for both lot owners and strata managers. This article explores the key exposures and offers practical insights to effectively address and minimize these challenges.