Everyone who lives in Toronto can attest to the high cost of living, especially rent. And these days finding a good, affordable rental has become a tall order partially thanks to the rise of Airbnb.
A new report adds fuel to the criticisms some have had about Airbnb’s impact on Toronto’s waterfront condos, with a study finding that a large percentage of listings in popular areas are owned by hosts with more than one property. According to Toronto Star, this small group of hosts makes up only 13% of hosts in Toronto but bring in 46% of Airbnb’s revenue in the city.
Stories have surfaced saying that tenants are having trouble finding rental properties. A man even claims to have been evicted by his landlord in order to put his property up on the site.
When it first gained popularity, people thought AIrbnb was disrupting the hotel industry but it seems the real disruption is in the rental space.