Quote:
Originally Posted by Changing City
Short term rental is usually used to refer to owners renting apartments for less than a 30 day period, usually to tourists, generally at rates significantly higher than a normal apartment rent.
There's demand for tourist and convention accommodation, as well as from residents who want to live in the city. If thousands of apartments are used illegally for short term rentals, then they aren't available to meet the demand for rental accommodation. Additionally, developers have been reluctant to invest in new hotels.
Now that short term rentals are being returned to the rental market, or sold to new owner occupiers, some of the housing demand is being met. And as a bonus, new hotels are being proposed. In this case it would replace an older, smaller hotel. On other sites Downtown they're replacing parking facilities or older retail buildings. As a result of the improved viability of new hotels, we're even getting the Listel, also in the West End, being redeveloped into a bigger hotel, with a rental residential tower as well.
It's not like we haven't lost hotel rooms to residential use in this area. The Coast on Denman was converted to rental units, and the Landmark was just replaced by condos and social housing.
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Hotels are short term rentals. We've just decided they're legal when operated by a dedicated corporation, but illegal when individually operated. Don't die on this hill. It's silly to pretend that hotels are not accommodation rented for less than 30 day periods, usually to tourists, at rates significantly higher than normal apartment rent. C'mon. Even the rezoning application explicitly states that they're building "short-term stay" units.
Now, new hotels are being built when new housing could have been built. Hence. The market adapts to individually operated short term rentals being restricted by investing in corporate operated short term rentals that can't easily be converted into housing. That is a damn shame. After all, aren't you the guy always making excuses for why development is slow because there isn't enough construction capacity?
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