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BC Tenancy rules set to fuel Airbnb Rentals

Will changes to the Residential Tenancy Act backfire?

Could new BC tenancy rules end up pushing more long-term rentals into Airbnb short-term (under 30 days) rentals?

In a valiant effort to protect tenants from unscrupulous landlords; the BC government passed legislation to stop “unfair and unjustified rent increases.”

How? By no longer allowing landlords the right to hold tenants to a fixed term lease with a move-out clause.

See exception (Then click on Fixed-Term-Tenancy)

So where does this leave the one-off landlord? That being a property owner with a space to rent, often as a side project. Much different than a property manager or building owner, whose full-time occupation entails day to day rental management.

The latter being well versed with B.C Residential Tenancy regulations and its complex time devouring procedures.

I sell hotel supplies to property owners who’ve opened their homes, cottages, resort condos, suites and so on to travelers. As a result, I speak to Airbnb, VRBO, and HomeAway hosts daily.

I often ask my customers what prompts them to open their properties to this fast growing home sharing and/or short-term rental phenomena.

The top three answers are: Extra income. Fun to meet guests. “This means we can now afford to keep the extra space for visiting family and friends.”

From the rumblings I’m hearing; this new rule may backfire and inadvertently remove even more rental space from BC’s already sparse supply.

Why? Ask yourself. If you’ve worked a lifetime to accumulate your very own real estate, and now find yourself with extra space available.

Would you rather:

A) Rent long term with all of the usual risks. Plus now, this added disincentive; allowing the tenant to unilaterally decide when to end the tenancy.

B) Fix your space up as a guest suite, or guest room, and become a host to short term (under 30 days) visitors. Meet interesting pre-vetted people. Enjoy guaranteed, up front payments.

 

Written by: Lynne Arbuthnot
founder/owner at  VR Supplies

 

 

3 Comments on this Article

  • Liz minniti

    Yes I agree! What’s the crime ? Why can’t we have the right to control our own property.

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    • Lynne M

      Good news – there’s now a task force and a way to weigh-in check out https://engage.gov.bc.ca/rentalhousingtaskforce/

      Bad News – Here’s what they came up with
      https://biv.com/article/2018/05/bc-residential-tenancy-act-changes-give-more-rights-tenants

      on   |   Reply
  • mike

    What happened to the basic human right of simply not liking someone, and therefore getting them out of your life?

    I wouldnt rent out a space to anyone in BC right now ….too many friends have had nightmare tenants….taking up to a year or more to get them gone….adjudications, hearings, court, lawsuits…just nasty vindictive tenants empowered by an overly politically correct system.

    Its not worth the trouble. the time, or the money. the residential tenancy act and its amendments are going to kill the rental business other than by professional rental companies. The risk of bad, vindictive, and manipulative tenants is too great.

    on   |   Reply

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