Kamloops outpaces Okanagan in Airbnb listings growth, but for how long?
The number of units listed for short-term rentals on platforms like Airbnb grew by 81% in Kamloops over the past year.
Data from AirDNA, a company that compiles short-term rental statistics from around the world, said in a news release that as of November of this year Kamloops had 263 units listed.
That’s an 81% increase from 2022 and was a much faster rate of growth than any major Okanagan city.
Penticton’s listings grew by 23% to 352 and Vernon’s were up 209% to 247.
Kelowna has a much larger short-term rental market. It still grew by 11% to 1,053 units. West Kelowna, on the other hand, had a 2% growth rate to 325 units.
That trend may be reversed next spring when new provincial regulations come into effect, particularly the May 1 implementation of principal residency requirements.
The province defines a principal residence as the place someone “lives in for a longer period during a calendar year than any other place.” That means the owners can only rent out their own homes, basement suites or carriage houses.
The rules only apply to municipalities with more than 10,000 people.
The provincial regulations take precedence over local zoning bylaws that currently allow short-term rentals in non-principal residences in certain zones.
READ MORE: Kamloops and Okanagan getting help from province to crack down on short-term rentals
Similar rules have virtually killed the short-term rental market in New York City, where they were brought in as of Sept. 5.
AirDNA reported that listing dropped there by 80% from 22,434 in August to 3,227 in October.
New York City, prior to that, was Airbnb’s largest single market. It has now shifted to having 94% of its listings being long-term rentals.
Two key differences in the New York City regulations are that the owners have to be present during the rentals and no more than two guests are allowed.
The local data provided to iNFOnews.ca by AirDNA shows average rental rates ranging from a low of $142 in Vernon to a high of $202 in West Kelowna.
Kelowna came in at $193, Penticton at $181 and Kamloops at $152.
By comparison, hotel rooms in Kelowna averaged $6 per night more through the first eight months of the year and Kamloops hotels were $5 more per night.
Occupancy rates for all five cities were less than 50%.
The market was strongest in Vernon where 43.2% of listings were rented. Kelowna came in at 43%, Kamloops at 42.5%, West Kelowna at 36.5% and Penticton at 34.9%.
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