If there's anything to dread about Toronto, it's the awfully high costs of living. Food is expensive, clothes are expensive; even having a roof over one's head is expensive. In fact, the average price of a home in Toronto jumped to almost 17% this June compared to last year, so... that's not good. It also doesn't help that taxes are high and our dollar is still on a seemingly ceaseless downward spiral.

But among this strifethere exists a beacon of hope; and it goes by the name of Airbnb. You're probably most familiar with Airbnb as the premier hub for finding interesting and affordable rental accommodations around the world. But have you ever considered being a host for Airbnb?

We've partnered with Airbnb to create a special page exclusive to Narcity readers where you can sign up to become a host in no time. Did I mention there's a $200 cash bonus for first-time participants?

Aside from the cash bonus, there are a lot of amazing benefits to becoming an Airbnb host:

  •  It's an easy side job you can seamlessly integrate into your life. Almost as easy as setting aside a room in your house or apartment for hosting!

  • You'll also meet all sorts of different people from around the world and make valuable connections that will potentially last a lifetime.

  • You'll enjoy the flexibility of hosting your space whenever you want, renting it out for much as you want, and customizing it however you want. You want your rental to be Hello Kitty themed? Go for it!

  • You can take comfort in Airbnb's Host Guarantee, which insures eligible property up to $1,000,000 in the rare case of damage.

In Toronto, hosting a shared room, a private room or an entire space for a single guest could land you a weekly average income of $319, $387, and $544, respectively. Those values could jump by as much as hundreds of dollars during peak summer travel season. Some successful Airbnb properties have even garnered six-figure incomes for their hosts. Not too bad for a relatively low-maintenance side job!

With incomes like that, paying off your rent or mortgage will no longer be a herculean task. Not only this, you could use your Airbnb earnings to pay for that dream vacation you've always wanted to take, or to pursue any creative passions, or even to save for your retirement down the road.

Becoming an Airbnb host takes only a few simple steps:

1. First, you must create a new listing. As mentioned above, we've teamed up with Airbnb and created a special page just for Narcity readers to help you get started! Tip: If you live in a shared building, be sure to check with your landlord first!

2. Set the location of your listing. It must be located within 25 miles of downtown Toronto (more specifically, University Ave and Dundas St W).

3. You must then price the listing at $50 CAD or more per night (excluding cleaning fees and taxes), and accept at least one reservation for it by August 31, 2016.

4. First-time hosts that complete their first booking will earn a $200 cash bonus for signing up through this page.

Don't let the high rent or mortgage costs of Toronto weigh you down. Make great money with Airbnb (and have a wicked time doing it!)

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