Airbnb crackdown or winter lull? Furnished rentals pour into Vancouver's long-term market

Two weeks after BC revealed new policies to restrict short-term rentals such as Airbnb from eating into the housing market, some rental platforms in Vancouver are seeing more furnished rentals looking for long-term tenants.

Keen Craigslist watchers report they’re already seeing more furnished units that look suspiciously like ex-Airbnbs, with fancy photos and short lease terms.

One such unit in Yaletown, a three-bedroom going for $4,600 per month, has a telltale wooden “peace” sign in the living room and variable rent depending on the length of stay.

Craigslist

Another furnished property over in Kitsilano that comes complete with a Nespresso machine advertises its preferred rental period as two to six months.

Craigslist

Daily Hive reached out to the property managers, landlords, and realtors behind half a dozen of these rental advertisements, but none returned our request for comment.

“Anyone else notice a huge surge of rentals being added on Craigslist?” one Reddit user wrote. “Looks like the Airbnb restrictions are working.”

Flood of rentals on the market
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“The surge is likely Airbnb owners trying the waters to see if they can get high rents for their soon-to-be-useless units or if they need to sell,” another Reddit user commented.

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Seasonality means more Airbnbs go long-term in winter

Greg Park, creative content writer with liv.rent, told Daily Hive the platform is seeing an uptick in furnished rentals too, but it’s too early to say whether it’s a result of the new legislation.

“Our team has definitely noticed that some short-term rentals have been removed from the market this month; however, it’s hard to say for certain whether this is purely because of the new regulations or is the result of seasonal trends,” he told Daily Hive.

The liv.rent platform has seen a “substantial” increase in the total number of furnished listings — up 86%, compared to a 42% increase in unfurnished listings.

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Between October and November 2023, it saw a 16% increase in the number of furnished units. But looking back to the same time last year, that increase was at 23% — so this year’s is actually less.

“It seems likely that this increase in supply is primarily the result of normal, seasonal factors,” Park said.

As tourist season dies down, owners may be looking for longer-term tenants to get them through the slower months.

Prices for furnished rentals on liv.rent have also fallen slightly this month, with one-bedrooms down 4.5%, two-bedrooms down 6.7%, and three-bedrooms down nearly 16%. That slowdown was also seen last year and may be typical of the fall/winter season.

Park predicts better data will be available by Summer 2024 to really tell the effect the new legislation is having.

“We do expect that the new rules will influence prices heading into the new year,” he said.

BC revealed sweeping new policies on October 16 to limit the number of vacation rentals on the market, with the aim to convert 16,000 homes back to the long-term rental market. Effective May 1, 2024, hosts will only be able to list their principal residence or the secondary suite at their principal residence. Certain resort municipalities, including Whistler, are exempt.