A type of Canmore real estate whose popularity and profitability had plateaued is reaching greater heights thanks to new economic trends.

Hotel-style condominium units in Canmore have seen their rental potential soar thanks to online listing websites like VRBO and Airbnb, providing another vacation-booking option for visitors to the increasingly popular region.

Regulations that took effect Feb. 1 require Calgary property owners who provide short-term rental accommodation to obtain a business licence and follow new rules.

The changes to the City of Calgary's Business Licence Bylaw cover owners using popular host platforms like Airbnb or VRBO, as well as any other method of renting out space in a residential dwelling for 30 days or less.

In Calgary's competitive rental market, homeowners looking to make a few extra bucks must set themselves apart

Short-term home renting has been going on for decades, but has now become an entrenched part of the economy, and a popular way to generate a bit of extra income, thanks to rental services and facilitators, such as Airbnb, VRBO, Kijiji and property management companies.

When Angela Casale lost a long-term tenant in the Ramsay property where she runs a wellness clinic on the lower floor and has a rental unit upstairs, it meant adjusting to Calgary's competitive rental market.

"There are no renters to be had. Apartment buildings are giving people three free months and TVs and all kinds of things," said Casale.

Owners and experts explore the ins and outs of operating a vacation rental property

The Gierke family has seen just about everything while renting out their Sylvan Lake vacation home over the past 20 years.

They've housed families, business people and youthful tenants who turned their 840 square foot cottage into a party house.