It can be very tough on neighbours in residential areas.   Recent buyers of a 2 bedroom home on our street have started renting their home out on airbnb.  They go to the family cottage when they have renters.  Our neighbourhood is quiet, with pretty much everyone working Monday to Friday.  The renters tend to arrive in vacation mode which often leads to alcohol fuelled week-night parties with loud music and with way too many people for a two bedroom house (14 people one week).  It's like living next to a holiday resort/hotel which is not what we as home-owners and neighbours want in our residential neighbourhood.   The logistics of mishandled garbage/recycling and composting attracts racoons and rodents.  The owners are oblivious to these issues as they aren't home to experience them. 
This is a lovely well-kept area in Toronto, great location for schools and  with expensive homes on the street.  
We need by-laws in place to address these issues!