Spare room or suite short-term rental

Tourists, visiting workers, people attending events, and relatives of locals who need a place to stay for a few nights.

A nightly rate plus an optional cleaning fee. Income depends on your location, the season and how many nights you are booked.

• Friendly, clear communication with guests
• Keeping a space spotless and welcoming
• Organizing bookings and check-ins

• Municipal or provincial rules: many places require a licence or registration, and some limit rentals to your principal residence. Check yours, and in Quebec check the tourist accommodation registration rules
• Standard home insurance may not cover paying guests, so ask your insurer about short-term rental cover
• Lease terms, condo bylaws and strata rules can ban short-term rentals
• Check how income tax and GST/HST (and any accommodation taxes) apply to your rental income
• Privacy, noise and neighbour relations when sharing your home

Startup costs are typically around $500 to $2,500, depending on furnishings, bedding, cleaning supplies and any insurance changes. These are estimates for setting up a spare room or suite in your own home.

Monthly revenue is typically estimated at around $600 to $3,000, depending on your location, nightly rate and how often the space is booked. Check how income tax and GST/HST apply to rental income.

Check whether your municipality or province requires a licence or registration, and whether rentals are limited to your principal residence. In Quebec, check tourist accommodation registration. Also check your home insurance, condo or strata bylaws, lease terms, and tax on rental income.