Frequently Asked Questions

We offer flexible scheduling options and can typically schedule an appointment within 24-48 hours of your initial request.

When understanding between short-term and long-term rentals, here are the key differences:

Short-Term Rentals (STR):

• Duration: Typically range from one day to six months. In Toronto, a short-term rental is defined as a stay of fewer than 28 consecutive days.
• Flexibility: STRs offer more flexibility for both property owners and renters. No long-term lease commitments or renewals are required.
• Furnishing: These are often fully furnished, making them move-in ready for guests.
• Availability: You can find short-term rentals with little notice, especially for travelers needing a place for a few nights or weeks.

Long-Term Rentals (LTR):

• Duration: These rentals typically last from six months to a year or more.
• Stability: Long-term rentals provide more stability for both the landlord and the tenant, as leases are typically renewed annually.
• Furnishing: Long-term rentals are usually unfurnished, and tenants are responsible for setting up their space.
• Commitment: Tenants are committed for a longer time, providing a more predictable income for the landlord.

Both options offer unique benefits—short-term rentals are great for flexibility and higher potential income, while long-term rentals provide steadier cash flow and stability.

Our pricing structure is commission-based, starting at 15% of your STR revenue.

In the City of Toronto, all short-term rental businesses are required to obtain a license to operate. Under the City’s Short-Term Rental Bylaw (PG24.8), you are permitted to rent out your principal residence as a short-term rental.

If you’re considering renting out a secondary home, it’s important to note that this property must be offered as a long-term rental instead.

Not sure where to start with your short-term rental business? We’re here to help! Contact us today, and our team will guide you through the process of securing the necessary permissions and setting up your rental property with ease.

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Our short-term rental (STR) management services are designed to be comprehensive and tailored to meet the unique needs of your property, ensuring seamless operations and a bespoke experience for your guests. Here’s what we offer:

• Professional Photography: Capturing high-quality images to highlight your property’s best features.
• Multi-Platform Listings: Maximizing visibility with exposure on platforms like Airbnb and VRBO.
• Dynamic Pricing Updates: Adjusting rates in real time to optimize revenue, customized to your property type.
• Cleaning and Restocking: Maintaining a spotless, well-stocked property for every guest, with personalized restocking to your preferences.
• Maintenance: Providing regular upkeep and timely repairs to ensure your property stays in excellent condition.
• Guest Management: Handling inquiries, guest vetting, and ensuring a smooth check-in/check-out experience.
• Owner Portal: Offering full transparency with detailed financial reporting accessible at your convenience.
• 24/7 Guest Support: Delivering round-the-clock communication and assistance for your guests.

We also take care of compliance with short-term rental regulations, creating a seamless and worry-free experience for both owners and guests. With our tailored approach, you can trust us to make managing your property effortless and successful.

At StayCare Solutions, we specialize in providing personalized, full-service management for both short-term and long-term rentals in Toronto and Prince Edward County, Napanee and surrounding areas. We understand the challenges of managing a rental property—whether it’s guest communications, upkeep, or ensuring compliance—and we’re here to make your life easier. Our tailored approach maximizes your property’s potential by handling all the details, so you can enjoy hassle-free, profitable results. From dynamic pricing to maintenance and guest support, we manage everything with the expertise needed to run a successful rental business. Let us take the stress out of property management while you reap the rewards.

For short-term rental management, the typical fee structure involves a property manager taking a percentage of the monthly earnings. This model is popular because the cost is directly linked to your income, meaning you’ll pay less during slower months when your revenue is lower.

For short-term rentals, the management fees usually range from 12-50%, depending on the level of service and market demand. Keep in mind that short-term rental management tends to be more expensive than long-term rental management, which typically charges around 7-12%.

• You will receive payment directly from the booking platform to your bank account, as usual.
• The pricing package you select with StayCare Solutions will dictate the monthly invoice we send you.
• You will receive a detailed monthly statement, which includes:
  • Your rental income
  • STR management fees
  • Cleaning charges
  • Approved maintenance costs
• This statement provides a clear breakdown of your earnings and expenses.
• As with any rental income, we recommend consulting with a tax specialist to ensure proper reporting to local tax authorities, as tax obligations vary by location and property type.

In Toronto, for a unit to qualify for short-term rental (STR), it must be part of your principal residence. A principal residence is the place where you live and the address you use for bills, identification, taxes, and other official purposes.

• If you live in the main portion of the house (upstairs) and the basement unit has a separate entrance, the basement unit does not count as part of your principal residence.
• Toronto regulations specify that if you reside in the main portion of the house, you are not permitted to separately short-term rent the secondary suite (e.g., the basement unit) or laneway suit:
  
  Conclusion:
  If you live upstairs, the basement unit with a separate entrance cannot be rented out as a short-term rental because it is considered a separate dwelling unit and is not part of your principal residence. To comply with Toronto's STR rules, the rented unit must be within your principal residence, if the basement unit does not have kitchen or cooking facilities and is used solely as a bedroom or living space that is part of your primary residence, it would generally not qualify as a secondary suite under Toronto's definition. A secondary suite must include self-contained living accommodations with its own kitchen and bathroom facilities for the exclusive use of its occupants.
  
  Implications for Short-Term Rentals (STR):
• If the basement unit lacks a kitchen or cooking facilities and is not considered a separate dwelling unit, it may still be part of your principal residence.
• In this case, you might be able to use it for short-term rentals (e.g., Airbnb), provided you live in the house and the unit is part of the same residence.
  
  Important Considerations:
• Zoning Compliance: Ensure the space meets Toronto's zoning requirements for STRs.
• Bylaws: The rental unit must still comply with STR bylaws, such as registering with the city and adhering to the 180-day annual rental limit if you’re not occupying the space at the same time as guests.
• Separate Entrance: The presence of a separate entrance doesn’t necessarily disqualify it as part of your principal residence if it lacks full self-contained facilities.
  

Recommendations:

You may want to confirm with Toronto's Municipal Licensing and Standards Division or consult a professional to ensure your specific setup complies with STR regulations.

• Tenant Rent Payments: Collected rent is deposited into the trust account.
• Security Deposits: Held in trust until the lease ends, ensuring funds are available for potential damages.
• Owner Contributions: If a property owner provides money for maintenance or expenses, it goes into the trust account.

• Owner Payouts: After deducting management fees, maintenance costs, and other expenses, the remaining rental income is paid to the property owner.
• Vendor Payments: Funds are used to pay for repairs, maintenance, utilities, or other expenses related to the property.
• Security Deposit Refunds: When a tenant moves out, the deposit (minus any deductions for damages) is refunded from the trust account.

• Property managers must keep detailed records of all transactions.
• Monthly reconciliations are required to ensure the trust account balance matches the reported funds.
• Many jurisdictions require audits or reporting to ensure compliance with trust accounting laws.

• Protects Client Funds: Ensures that property owner and tenant money is not mixed with the company’s operational funds.
• Legal Compliance: Many provinces require licensed property managers to maintain trust accounts.
• Transparency: Owners and tenants can trust that their money is handled correctly.