5 Best Vancouver Short Term Rentals [2023] (2023)

FAQs

What time of year is best to rent in Vancouver? ›

Search for rentals at the right time

For potentially negotiable rates, search after the 20^th of the month. The time of year is important, too. If you have the option, consider looking in the months between October and February when fewer people are looking.

Rent prices are going up, and the availability rate is going down; thus, demand is still growing. In Toronto, availability rates for newly constructed rentals dropped below 2%; in Vancouver, it dropped to 2.7%; and in Calgary, it dropped to 5% in 2022.

All short-term rental operators in Vancouver must have a business licence and include their licence number in all online listings and advertising. You must have strata approval and/or your landlord must permit the use of short-term rentals in your home before you apply for a licence.

Renters in Vancouver shouldn't expect to see any relief in rental rates ahead in 2023 thanks to a combination of factors that signal even higher prices ahead.

Another formula for determining rental affordability is the 55% rule. This is when your fixed housing costs – rent, utilities, renter's insurance, and any other monthly expenses like internet, cell phone, cable – should not exceed 55% of your after-tax income.

Confirm that the website carries out real-world identity verification of all its users. Be cautious of unsolicited emails: If you receive an unsolicited email from someone claiming to offer a short-term rental, be cautious. Scammers often use email phishing to steal personal information.

Try to highlight something unique about your rental property along with your best features to attract guests. It could be some unique amenities, a swimming pool, good offer, uniqueness of the location, and anything else that is not frequently used by your competition to describe the property.

Rent Prices. As of May 2023, the average rent for a 1-bedroom apartment in Vancouver, BC is $2,700. This is a 17% increase compared to the previous year.

Will rental prices go down in 2023 near British Columbia? ›

In 2023, residents of British Columbia will be faced with an average rent increase for a one-bedroom apartment of 2%. This is far below the expected rise of inflation due to a provincial mandate that has set a maximum allowable rent increase for rental units.

"Rising interest rates and increased demand largely contributed to this rise in rental rates, as B.C.'s population grew by 2.25% in 2022 while the population of Canada grew by 1.84%," write the report's authors.

Airbnb 2023 Summer Release: Introducing Airbnb Rooms, an all-new take on the original Airbnb. Plus over 50 new features and upgrades based on feedback from our community, including total price display, transparent checkout instructions, improved maps, redesigned wishlists, and more.

If meeting and mingling with other people is important to you on your vacation, a hotel will almost certainly be a better accommodation option for you. While Airbnbs are great for socializing with your own group, in private shared spaces, hotels are invariably better if you want to hangout with other travelers.

According to recent data from CoreLogic, the answer may be no, at least for the time being. While there are signs of a slowdown in the housing market's year-over-year growth rate, the overall data and forecasts suggest that a crash is unlikely in 2023.

The year 2024 is expected to bring more stability to the housing market after a few years of uncertainty. With mortgage rates declining faster than expected, home prices are likely to remain mostly flat throughout 2024.

Most experts do not expect a housing market crash in 2023 since many homeowners have built up significant equity in their homes. The issue is primarily an affordability crisis.

The 50/30/20 rule is a budgeting technique that involves dividing your money into three primary categories based on your after-tax income (i.e., your take-home pay): 50% to needs, 30% to wants and 20% to savings and debt payments.

The average salary in Vancouver is $62,250, which is 14.3% higher than the Canadian average salary of $54,450. A person making $90,000 a year in Vancouver makes 44.6% more than the average working person in Vancouver and will take home about $67,889.

How much does it cost for a single person to live in Vancouver? ›

The average cost of $2,021 was calculated by averaging the rent across all Vancouver neighbourhoods for a one-bedroom apartment. If you're looking to reduce your rent, consider renting a studio unit. You could pay $1,300 a month in East Hastings, or as much as $2,013 a month downtown.

All the one-percent rule says is that a property should rent for one-percent or more of its total upfront cost. For example: A property that costs $100,000 should rent for at least $1,000 per month. A property that costs $200,000 should rent for at least $2,000 per month.

Airbnb lets you generate passive income from your home or spare room. Being an Airbnb host involves listing your property on its platform, which handles bookings and communications with guests. Hosts are paid out based on guest stays. Guests often find Airbnb is cheaper, has more character, and is homier than hotels.

Furnish solid references.

Aside from your financial assets, your references will heavily affect the decision making for landlords. They want to know if you're an easy or difficult tenant to manage. If a reference reveals behavior problems, they'd rather choose to be stress-free and find another tenant.

Utilize Removable Decor

By bringing in a few removable pieces, you can perk up a space with your unique style. One of the best ways to make a space feel like home is with a big cork board. You can add things like pictures, memorabilia and even cute decor items you've picked up for your permanent space.

How much will a house cost in Vancouver in 2030? ›

The average price for a new detached house within the city of Vancouver is $1.9 million dollars. The Vancouver City Savings Credit Union predicts the average price will soar to over $4.4 million in 2030 if current trends continue.

The average vancouver bc salary in Canada is $59,734 per year or $30.63 per hour. Entry-level positions start at $40,423 per year, while most experienced workers make up to $127,271 per year.

The 2023 rent increase limit is 2%. Find out if the Residential Tenancy Act covers your tenancy.

Eric Bond, a senior specialist with the CMHC, said the increased prices are tied to tight rental markets and inadequate supply. "When demand for rental is exceeding supply, it creates conditions when rents can increase particularly upon turnover," he said.

In all of B.C., 14,546 purpose-built rental homes were registered in 2022, according to the B.C. government. However, fast absorption of those units resulted in a vacancy rate of 0.9 per cent in Metro Vancouver, according to CMHC. For condominium rentals, the vacancy rate is 2.2 per cent.

Vancouver is dramatically less affordable than smaller Canadian towns and cities, but the lifestyle is much more comparable to other global metropolitan cities. In other words, Vancouver has also seen progress in the price-to-income ratio in recent years.

The vacancy rate of rental apartments decreased across most provinces in Canada in 2022. Prince Edward Island had the lowest vacancy rate of less than one percent, whereas the average for the country stood at 1.9 percent. Ontario and British Columbia had 1.8 percent and 1.3 percent of rental properties unoccupied.

Raising rent in California

Landlords are allowed to raise rent by a maximum of 10% every 12 months. That means if the CPI change is above 5%, the maximum increase caps at 10%.

According to the latest reports, the short-term rental industry will witness unprecedented growth in the coming years. This means that Airbnb rentals will also be profitable and prove to be a good investment for real estate investors.

Airbnb occupancy trends in 2023. In our latest Short-Term Rental Outlook report, we forecasted average occupancy rates would be 56.4% for 2023. While this is slightly lower than 2022 and 2021's rates (58.3% and 60.3%, respectively), it's still well ahead of rates in 2019 and 2020 (53.3% and 52.9%).

Is Airbnb worth it in Vancouver? ›

With a strong tourism industry, excellent rental income potential, low barriers to entry, flexibility and control, diversification opportunities, tax benefits, increasing demand for short-term rentals, and a stable real estate market, it's clear that investing in Airbnb in Vancouver can be a smart financial decision.

According to data shared by Mashvisor, one of the top Airbnb host calculators, Nashville in Indiana is one of the US cities that offer the highest short-term rental cash on cash returns. Hosts can expect a monthly short-term rental income of about $5,000, with daily rates averaging at $260.

June to September is the best time to go to Vancouver for mild weather with only a small chance of rain. It's perfect for exploring the city and enjoying some sightseeing and shopping with at least 13 hours of warm sunshine per day.

The lowest rental rates are usually found between October and April, particularly right after the December holiday season. Fewer people are interested in moving—the weather's bad, schools are in session, etc. So individuals renting between the months of December and March typically find the best rental bargains.

And - with an average of just 41mm of precipitation - July and August are the driest months in Vancouver. Vancouver also ranks 34th for the least sunshine year round and 26th for the fewest sunny days.

Month-to-month tenancies. Tenants can end a tenancy early after getting a two-month notice to end tenancy. They must give the landlord 10 days of notice in writing and pay rent up to and including their move-out date.

Which month is the warmest in Vancouver? ›

August is the hottest month in Vancouver with an average temperature of 18°C (64°F) and the coldest is January at 3.5°C (38°F) with the most daily sunshine hours at 13 in July. The wettest month is November with an average of 200mm of rain.

How many days do you need to visit Vancouver properly? A proper visit to Vancouver should take three or four days. This involves getting a hotel in the downtown core and spending one day exploring areas like Gastown, Yaletown, and Stanley Park.

The best time to visit Vancouver for great weather, cheaper prices, and smaller crowds is from April to June and September to early November. July and August are the best months for warm weather, sunny skies, and little rain but also see higher hotel rates and larger crowds at top tourist attractions.

Research shows that the best days of the week to rent an apartment are Mondays and Fridays. Additionally, the most expensive days to rent an apartment are Sundays and Tuesdays. We also recommend trying to rent at the beginning of the day between 9am and 10am for the best prices.

On average, owning a home costs $1,176 more per month than renting from a professionally managed apartment complex, according to an analysis published this month from the National Multifamily Housing Council (NMHC). That's the biggest buy-versus-rent gap since fall 2006, the industry group said in its report.

Rents Are Highest in the Summer and Fall

Across all 10 metro areas in the report, May through October (early summer to early fall) are the most expensive months for rental prices, perhaps making them not the best time to rent an apartment.

Environment Canada reports Cranbrook as British Columbia's sunniest city. Receiving on average 2,229 hours (that's over 182 days worth) of sunshine annually, the blue bird days in Cranbrook are abundant. The semi-arid mountain environment that surrounds the region means the region has mild winters and warm summers.

Located on Vancouver Island, Henderson Lake receives more rainfall throughout the year than any other place in North America. The soggy spot receives 7296 mm of precipitation annually – over 23 feet of rainfall.

It means that the sunniest place to live in Metro Vancouver is Tsawwassen! If you live there already, you experience the least amount of rain. The area that gets the MOST amount of rain is North Vancouver.

Useful life of building elements: RTB Policy Guideline 40 provides a general guide for determining the “useful life” of building elements. For example, carpets are listed at 10 years and stoves are listed at 15 years.

How often do landlords have to paint in BC? ›

Most rental properties should be repainted every 2-3 years. While many homeowners may look to repaint their homes every 5-6 years, rental properties tend to go through more wear and tear due to frequent moving and other factors.

14-Day Guest Policy

The Residential Tenancy Regulation gives tenants the right to have guests under reasonable circumstances, and your landlord cannot force you to you “contract out” of that right.