Of course, there’s the age-old rule of supply and demand, and with rental availability rates of only 0.6%, among the lowest in Canada, it’s no surprise rents are skyrocketing.
So why is Vancouver’s long-term rental stock so low? The City of Vancouver believes it may be at least in part down to the prevalence of short-term rentals like Airbnb.
Under current legislation short-term rentals – which are defined as anything less than 30 days per tenancy – are only allowed in licensed hotels and bed and breakfasts in Vancouver.
But according to the City, there are more than 5,000 short-term rentals listed across 12 different websites in Vancouver, most of which are whole houses and apartments.
While it has hired a third-party consulting firm to investigate, the City also wants to know what you think about short-term rentals and how they should be regulated.
To take the City’s survey, head to vancouver.ca/short-term-rentals.
And maybe, just maybe, you’ll one day be able to find an apartment that doesn’t break the bank. Maybe.