If you want to rent a condo in Mississauga, you are required by many landlords to sign a one year lease with them. The one year lease is often seen as a good length of time for a landlord to commit to a tenant, and for a tenant to commit to a property. More than 50% of tenants end up staying for more than a year; sometimes for as long as 5 years. Read FAQ on condo rentals in Mississauga here.
Although there are no official definitions of short-term leases, for the purpose of this blog, I will define short term leases as any residential condominium rental for the period of one day to 90 days, or 3 months.
Why is there such a demand for short term condo rentals in Mississauga?
Unlike Muskoka or Miami, short term rentals in Mississauga are not primarily driven by tourism. Mississauga attracts a lot of short term rentals because of three main reasons:
1) Business – Compared to its sister city Toronto, Mississauga is very affordable and easier to commute in by car. Many business professionals come to Mississauga since it’s close to the airport and it’s the headquarters of many fortune 500 companies. Executives that stay in short term rentals, argue that they prefer condos over hotels. Living at times for a week in a hotel can be depressing and tiresome.
2) In between Condos – Another popular segment of the population who chooses to use short term rentals in Square One are those who are in between a purchase and a sale of a property. It happens that an owner of a condo sells his or her condo, and has to leave before they have a chance to move into their new place. In this scenario a short term condo rental looks like the perfect solution. He or she can move into the short term suite for a few weeks or so, while the rest of his or her stuff can stay in a locker.
3) Lack of modern hotels – This is a huge driving force behind the overwhelming demand for short term rentals. The fact remains that Novotel is the only hotel in downtown Mississauga. This hotel is over 30 years old and dated by today’s standards. Overcrowding and lack of choices of hotels for travelers forces travelers to stay in short terms rentals. Will another major Hotel be built in downtown Mississauga in the near future? I hope so.
Problems that arise with short-term rentals.
On the surface short term rentals can seem great as everyone seems to benefit from them (other than the hotel owners). However, at a closer look many problems seem to arise.
Owners of condo units in buildings that have short term rentals, argue that they are not happy when their condo building is run like a hotel. They claim that not only does it ruin someone’s unit, but it leaves wear and tear on the hallways – walls and carpets from the constant moving. Owners say that in order to fix the run down hallways their maintenance fees go up.
Larger problems arise when owners offer nightly rentals and people who rent these condos start to use them as “party suites”. In a recent extreme event, an owner of a condo in Tridel Ovation contacted me about how upset she was when a short term condo rental was leased for one night to some students. The email further explained that the party got out of control, to the point where a Pizza guy’s delivery car was stolen and cops were called in to investigate. Yikes!
It gets worse.
Condo buyers get often worried about short term rentals and what effect they might have on the value of units in their building. The good part is that, as far as we know Tridel Ovation and Skymark are the only two condos in Square One which legally allow short term rentals. What I mean by legally is that their condo bylaws don’t state otherwise. But, and there is a BIG But, that is not to say that owners in other buildings are not renting their unit out on a short term basis.
Just check out airbnb.com, a billion dollar company (yes Billion), just dedicated to short term rentals. Just at a quick glance, pretty much every single building in Mississauga has illegal short term rentals.
What can be done about short term-rentals?
In some buildings, such as 223 Webb Drive, an active role in “cracking down” on these short term rental suites has taken place. The property management got involved and shut many of these “operations” down.
Unfortunately, if you are an unhappy resident, who wants to take a proactive role in trying to eliminate the short term rentals you might have a lot of work ahead of you. Although it varies from building to building, typically it is up to the condo management on how they deal with short term rentals. Speaking to someone on the condo board should be your first step.
In buildings where short terms are legal and you wish to change that, it is almost next to impossible to do so as a single voice. This would require a change in the declaration and a very high % of unit owners to agree to this change. Since many of the owners in these buildings are already renting their unit out for short term, it will be difficult to get them on board.
How do you feel about short term rentals? Please feel free to share your thoughts below.
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