There is a lot to do in the city this time of year. From music festivals to the Caribbean Carnival to the Toronto International Film Festival, thousands have good reason to flock to Toronto.

Those people all need places to stay, and homeowners are taking advantage of the short-term rental boom.  

Travel website Trip Advisor said interest in the short-term Toronto rentals listed on its site has skyrocketed, up 350 per cent compared to last year.

"It's considered one of the best cities now in the world and people are coming from everywhere, and I think this is a product of that," said Toronto real estate agent Amanda Rix, estimating that a detached four-bedroom home in the Beach could easily rent for $500 a night. 

"I've been a real estate agent for 10 years now and I would honestly says it's only been in the past three that I've seen this frenzy."

toronto short-term rentals

Rix says a detached home in the Beach like this one could 'easily' rent for $500 per night. (CBC)

Trip Advisor is projecting the trend will continue through October. Its data shows the average two-bedroom home in Toronto will typically rent for $1,300 a week. That puts Toronto on par with popular destinations like Cape Cod, Vancouver and even some cities in Hawaii.

It's such an appealing prospect, Rix has gotten in on the market herself. She decided to try it out after hearing from clients of hers who were using services like Airbnb to rent out parts of their homes. She said she's making $250 a night, and that many of her colleagues are doing the same. 

For homeowners, it's a compelling prospect compared to what they could make by renting to long-term tenants. 

Rix said this may pose a problem for Torontonians looking for a place to live rather than visitors looking for a vacation.

"There won't be many options for them ... I think it's great for homeowners ... [but] pretty hard on the other end ... as it usually is for the buyers and the tenants."

With files from Ali Chiasson