Renting Out Your Home For The 2010 Olympic Games
By Mike Andruff on August 18, 2009
As soon as it was announced that Vancouver, British Columbia was selected to host the 2010 Winter Games, property managers and private homeowners salivated at the prospect of renting out their properties at a premium to the thousands of people expected to descend on the city in February. Now the Olympic Games are fast approaching, and it's time for you to decide whether you're going to get in on the action and rent your own place out.
In deciding what to do, the first thing to consider is whether or not there will be much demand for accommodations outside of traditional hotels and motels.
There are approximately 23, 000 hotel rooms located in the city of Vancouver, though 21, 000 of which have already been reserved by the Vancouver Olympic Committee (VANOC).
To give you an idea of how many people are expected to attend the Games, there are 1.6 million tickets available for events at the Olympics, with another 250, 000 tickets available for the Paralympic Games. Estimates suggest that there will be about 25, 000 volunteers and 10, 000 media representatives in addition to more than 6500 athletes and officials.
This means that there is a huge gap between the number of readily available rooms, and the number of people who need a place to stay.
Many private homeowners have already began advertising their properties online through sites like Craigslist, asking for around $300 per bedroom, per night. Rates are better among properties that have several bedrooms available, as are homes that are located away from hotspots like Whistler, Squamish, Downtown Vancouver, and Richmond.
While some people are offering weekly rentals, monthly accommodations are also being advertised—some charging as much as $10, 000 for the month. In fact, one downtown luxury condo owner is asking for $11, 000 for a two-week stay in February, or $20, 000 for the whole month. Clearly, many homeowners are expecting Olympic visitors to be willing to pay big bucks for nice accommodations set in a convenient location.
Homeowners wishing to rent out their homes are allowed to under certain provisions made by the 2010 Winter Games Temporary Accommodation By-law. Homeowners are allowed to rent to "visitors for periods of less than 30 days if their home is not occupied by tenants or boarders and lodgers after June 1, 2009, " and until March 31, 2009. The City said, "The goal of the by-law is to prevent the conversion of long-term rental accommodation to temporary Games time accommodation." If you'd like to rent your home for more than 30 days, you will need a license to do so. Condo owners must check with their strata to see if they're allowed to rent out their space.
At VancouverPropertyFinder.com, the Vancouver MLS listings are at your fingertips. You can perform a customized search for properties throughout the Greater Vancouver area, including the Oakridge real estate market.
Original article published on SooperArticles.com
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