Short-Term Rentals & AirBnB
As mentioned in the news, the increase in short term rental offerings through AirBnB
(and other platforms) leads to lower vacancies and increased rents for regular rental
apartments in Metro Vancouver.
Terra Crest is committed to providing quality rental space at a competitive price.
Therefore we do not allow short-term rentals using AirBnB or other companies!
We take this very seriously and continuously monitor short term rental web sites such as Craigslist, AirBnB, VRBO, Tripping etc. Violations of this policy constitute a reason for eviction as it violates your rental agreements as well as City Bylaws:
Section 14 [Use of Rental Unit]: states that you are not allowed to operate a business out of your rental unit.
Section 16 [Assign or Sublet]: states that the tenant must obtain written consent from the landlord before subletting or assigning their lease. Tenants are only allowed to sublet or assign if they are in a fixed term lease of six months or more.
Section 42 [Liability and Insurance]: the tenant agrees not to do anything that may void the landlord’s insurance covering the building.
Legally, AirBnB rentals turn the building into a hotel, for which our insurance coverage would no longer apply. This means that you, the tenant, would now be liable for damage to the building in case of a fire, etc., even if it was caused by your AirBnB guest.
AirBnB rentals also violate the City of Vancouver’s Zoning and Development Bylaw 10.21.6, which prohibits rentals for a period of less than one month unless the unit is part of a hotel or bed and breakfast.
So while AirBnB might seem like a great way to make a little cash on the side, please just don’t do it!
