New data shows pandemic's impact on Vancouver's short-term rentals like Airbnb

Airbnb (Shutterstock)

The COVID-19 pandemic nearly halved the number of short-term rental listings in Vancouver over the course of 2020, according to a new report.

The City of Vancouver’s annual short-term rental market update shows the number of listings fell by about 6,000 units in January 2020 to just over 3,100 units by the end of the year. But there was only a marginal decrease in the number of short-term licenses compared to the peak number in 2020.

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It is estimated that Airbnb has a market share of 84% of the listings within the city’s borders, followed by Expedia’s Vacation Rentals by Owner (VRBO) and Homeaway at 7% and 4%, respectively.

Earlier this year, Airbnb reported that hosts who joined the platform within the last year earned about $2.5 million during the pandemic.

vancouver short-term rentals airbnb statistics 2020

Short-term rental statistics in Vancouver, 2020. (City of Vancouver)

Short-term rental regulations were first enacted by the city in 2018 to help drive long-term rental supply and improve housing affordability. The city states there has been continued success, with 12,567 long-term rental business licenses issued in 2020 — an additional 297 licenses compared to 2019.

A short-term rental is deemed as a stay in a home or room within a home of under 30 days, and prior to the pandemic this informal supply helped fill the city’s shortage in visitor accommodations due to the redevelopment of hotels or their conversion into homes.

There is growing concern within the local tourism industry that Vancouver could struggle with supporting the eventual post-pandemic rebound in tourism, as the pre-existing accommodations shortage has been greatly exacerbated by BC Housing’s recent acquisition spree of lower end hotel and hostel properties to house the homeless.

Hotels, hostels, and short-term rentals are needed to support the tourism and hospitality industry, which is one of the city’s largest employment sectors.

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