Airbnb draining already limited supply of rental housing in major Canadian cities
August 10, 2017
Airbnb is contributing to the limited supply of rental housing in major Canadian cities by taking away properties, according to a recent study. The study examined Airbnb trends in Vancouver, Toronto and Montreal and identified the impact it’s having on the housing market.
Airbnb‘s supply of short-term rentals is taking away available properties from local residents, said David Wachsmuth, a professor at McGill University and co-author of the study. Airbnb lets hosts rent out their homes or rooms, and make extra money doing it. The study says 14,000 of the 81,000 listings are rented long-term, and it’s unlikely the properties will be availabel for long-term renting. The process is draining the market for tenants searching for housing, with cities already have limited housing options.
Multi-listings is when property managers rent out multiple rooms, but within one property. They represent a third of property listings on Airbnb, and are renting for up to 60 days a year.
The study indicated that only 10 per cent of Airbnb hosts are the owners of these properties. Owners are making over $430 million a year collectively, as property owners are renting out up to 180 properties on Airbnb.
Airbnb refutes the study’s claims about rental housing
In response to the recent study, Airbnb refuted the study’s data, claiming researchers scraped insufficient data to draw its conclusions. In an interview, spokesperson Christopher Nulty said the study is misleading and presenting untrue statements about Airnb. He said property owners are using Airbnb to share their primary residences for a few nights each month.
What’s your take on the housing market in the city you live in? Do you agree that Airbnb is responsible for draining rental housing options in certain cities?