Strata Corporation’s are taking hard lines with their changing bylaws concerning short term rentals with VRBO or Airbnb.
The primary concern that most strata’s are dealing with are many short term or unscheduled “tenants” are causing major havoc in the buildings. From noise complaints, messy garbage issues and the overall security of the building, these issues all add up to major headaches. Where some owners are happy with the surge of big bucks for these short term rentals, owners who actually reside in the units are becoming more and more frustrated with the swinging door tenants who do not care about the property at all.
Strata councils are enforcing the bylaws and have actually locked out Airbnb tenants by disabling FOBS, giving the owners stiff monetary penalties and posting very visible signs in the buildings warning about renting out their units with Airbnb.
Checking out the Airbnb app indicates there are many, many units in downtown Vancouver listed on the online rental hub.
Many strata councils are getting serious about the issue. Strata bylaws are being changed to accommodate the severity of this subject. One of the main issues is these short term renters are not concerned with following the strata bylaws. Most of them are only going to be staying a few days, so all the rules are simply ignored. The wear and tear on the building from so many people treating the units like hotel rooms add to the worry of growing equity for the resident owners.
Owners are discovering tenants signing leases with them, are not actually living in the unit themselves but they are advertising on Airbnb and subletting out the space to virtual strangers, where references are often not taken into consideration.
Check out the link below for the pros and cons of Airbnb’s.
Is it worth the trouble and often huge wear and tear on your property to participate in this program? You will have to be the judge but take the time and do your research!