ENM On Airbnb Rules Affecting Rental Market

(Newswire.net — September 26, 2018) Langley, BC —

On September 1^st, the city of Vancouver began enforcing new regulations on short-term rentals like those listed on Airbnb and VRBO.

The city now requires that any property rented for less than 30 days be the homeowner or listing tenant’s primary residence. This eliminates basement suites, laneway houses or secondary homes from being legally listed on sites like Airbnb for less than 30 days.

Vancouver also now requires that the lister obtain a business license for rentals under 30 days. Licenses can be easily obtained for $56, with a $49 annual fee. But licenses can apply to only one property, thus eliminating individuals from listing more than one property.

Since the regulations went into effect on September 1^st, more than 2,400 Airbnb listings have been deactivated and 660 more have been removed voluntarily or switched to long-term rentals.

The goal of the new rules is to increase the supply of long-term rentals in Vancouver. After the drastic reduction of Airbnb listings in the first week, the city is claiming a small victory in their efforts to address the crisis of rental supply.

As developers of purpose-built rental properties like Willoughby Walk, ENM knows full well the need for an increase in long-term, affordable rentals in the Lower Mainland. While this kind of effort is commendable, we fear it could become a widely publicized substitute for more meaningful action to increase rental supply.

Our co-founder Daniel Greenhalgh says he appreciates the focus on the shortage of long-term rentals, but feels the new policy will have a minimal effect on the overall problem. “This kind of thing makes headlines, but it’s just a band aid on the bigger issue. It should be getting easier to develop and build long-term rentals under a government who’s made housing their signature issue, but instead it keeps getting more expensive and more complicated. There are simpler solutions, like streamlining the permitting process and providing bigger incentives for purpose built rental developments. I’m honestly not too concerned with people profiting off Airbnb loopholes.”

(Newswire.net — September 26, 2018) Langley, BC —