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How Short-Term Rentals Are Impacting Communities

Posted by Doriana Zohil-Morton on March 9, 2018
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short-term rentals

The short-term rental market in downtown Toronto has been exploding over the past few years—and with good reason. Toronto is a multicultural and professional hub full of distinct neighbourhoods that are akin to the Burroughs of New York City. People come to Toronto from all over the world for personal, frivolous, and work-related purposes with the intent of staying only a short period of time. While staying in a hotel is always an option, some people prefer having their own private home away from home without having to pay outrageous nightly fees or imposing on their friends or relatives. And that’s where short-term furnished condominiums in Toronto are useful. Keep reading to learn more about how short-term rentals in downtown Toronto benefit the tenants and the community as a whole.

Strong Local Economic Upturn

It’s a proven fact that an influx of travellers visiting a city from other locations can help to improve the local economy. Not only are people spending money just to temporarily live in that location, but they’re also directly supporting local businesses such as restaurants, clubs, concert halls, grocery stores, and retail stores, just to name a few. On top of that, every time they make purchases, they have to pay local taxes on those items as well. All of these additional expenditures can help boost Toronto’s local economy.

Travellers Tend to Explore Unfamiliar Neighbourhoods

Whether people are travelling to Toronto on business or for pleasure, they’re usually more inclined to explore different parts of the city than people who’ve lived there all their lives. This strong sense of adventure can open up people’s minds and encourage them to discover new things in their own backyards, even if they’re only staying temporarily. Additionally, having a penchant for adventure can positively influence the city’s cultural diversity and expand it to unparalleled levels. The longer foreigners stay in a new locale, the more they can become ingrained in the culture and help cultivate in different ways. As the saying goes, “when in Rome, do as the Romans do”.

Decline of Long-Term Rental Availability

As a direct result of the booming short-term rental industry, a lot of major cities around the world, including Toronto, are seeing a huge decline in the availability of long-term rentals. Many landlords are taking advantage of the growing popularity of short-term leases and are revelling in the fact that there’s a much larger demand for this type of living. It encourages more tourists, travellers, and businesspeople to willingly visit these locations and support the local economy rather than purchasing a temporary home or staying in a hotel. After staying in a certain location for an extended period of time, some people can easily integrate themselves into the local culture that they might even decide to permanently move to the new city rather than returning to their hometowns.

Whether you’re planning a personal or business trip to Toronto sometime in the near future, MAC Furnished Residences Inc. can provide you with the ideal living accommodations no matter how long you’re thinking of staying in the city. All of our residences are beautifully and stylishly furnished to meet all of your requirements and ensure that your stay in Toronto is as comfortable as possible. Our furnished short-term apartments in downtown Toronto have everything you need to enhance your travel experience and make sure that you get the absolute most of your stay with us. Contact us to reserve your stay with us in Toronto.

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