Airbnb listings can be lucrative for landlords, but new data suggests they could also be playing a big part in Vancouver’s rental housing crunch.
According to the Inside Airbnb website, two-thirds of the 3,700-odd listings in the city are for entire homes and apartments, as opposed to private or shared rooms, and many are being rented out at least 90 days a year.
Founder Murray Cox said about 36 per cent of hosts also manage more than one listing.
“This is definitely not the sharing economy,” Cox told CTV News. “They’re property investors or developers that are doing this.”
Cox’s website scans Airbnb and gathers data on how the site is being used in cities around the world, with some disclaimers. But the findings are particularly interesting in places like Vancouver, which has a vacancy rate of less than one per cent.
Advocates at Landlord B.C. are certain such listings are taking rental units off the market, and believe it’s time for government intervention.
“This is having a negative effect, there’s no question about it,” said CEO David Hutniak. “The last thing we need is an even shorter supply of long term housing.”
There are already regulations against short-term rentals in Vancouver. The city prohibits renting for a period of less than one month unless the unit is part of a hotel or bed-and-breakfast.
But enforcing the rules on thousands of listings can be a problem, and the city said it has received fewer than 20 complaints related to Airbnb over the past two years.
According to Cox, if enforcement isn’t ramped up the issue is only going to get worse.
“It’s definitely something that’s growing rapidly, and that the City of Vancouver, renters in Vancouver, and advocates of affordable housing should be concerned about,” he said.
With a report from CTV Vancouver’s Scott Hurst
