New Rules for Short-term Rentals
How Will Vancouver’s New Short-term Rental Rules Effect You?
The City of Vancouver is changing the rules around AirBNB type short term rentals in the city. Really, there were no rules,and now there are some, and they are pretty stringent. You can check them out in these infographics from the City
Short-term rentals: the proposed rules
By City of Vancouver
[Read a text alternative of this infographic](http://vancouver.ca/files/cov/short-term-rentals-rules-infographic-text-alternative.txt)
Why New Short-term Rental Rules?
The number of short-term rentals in Vancouver has exploded in recent years, with some investors buying properties specifically with AirBNB in mind. The City of Vancouver’s stats show that the number of short-term rentals in Vancouver has roughly doubled every year since 2013. The City want to bring these units back into the long term rental market to help alleviate the shortage of rental housing in Vancouver. Check out the numbers that lead to these changes:
Short-term rentals: the numbers
By City of Vancouver
[Read a text alternative of this infographic](http://vancouver.ca/files/cov/short-term-rentals-numbers-infographic-text-alternative.txt)
How Will This Effect Rents in Southeast False Creek?
It is still early days, but the property managers I know have seen a lot of 2 bedroom units coming back into the unfurnished rental pool. These are units that had been furnished, short-term, rentals. And they have seen a general reduction in the rents they are getting for these units.
The effect on the smaller 1 bedroom and studio units has been more muted, but inevitably this will bring some more units into the long-term rental pool. Will it be enough to quell the very high demand for these units it is too early to tell.
For an analysis of your units potential rental rate, or re-sale value contact Matt today at 604-916-4663 or by email here.
