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Three quarters of short-term rentals in Vancouver are entire homes

Last Updated Jul 18, 2016 at 7:43 am PDT

(iStock Photo)
Summary

New numbers lend weight to the theory that units on AirBNB belong in the long-term rental stock

City of Vancouver has stats to support their contention that AirBNB has reduced the number of units for rent in the city

VANCOUVER (NEWS 1130) – New numbers suggest that of the 5,000 units that are rented out on sites such as Airbnb in Vancouver, the vast majority, 75 per cent, are entire homes, condos or apartments.

The stats released by the City of Vancouver, based on data analyzed by a third party, suggest the accommodation-sharing industry involves more than renting out a room in the family home.

The numbers lend credence to the theory that those homes are not being rented out long-term, and as such, their absence from the local long-term rental market contribute to the low vacancy rates.

That’s concerning for Vancouver Councillor Geoff Meggs.

“Short-term rentals are soaking up units that could otherwise be long-term rentals. We have a vacancy rate that is under one per cent. It’s about half a per cent in some places in the city. That’s driving up rents. The hardships on tenants is really incredible.”

Most units up for short-term rent are in the downtown, with high concentrations also in Mount Pleasant, Kitsilano and Point Grey.

Meggs says the issue will be open to public input.

“There’s going to be an online survey opening up for residents of the city to give us their feedback. So starting Wednesday, you can go to vancouver.ca to give your own views.”

Just last week, Airbnb produced its own report, saying most hosts in Vancouver are resorting to its service to help pay the high cost of living in the city.