A company that provides business services to vacation rental owners, such as tracking vacation rental listings and pricing, says that Revelstoke is averaging a 7% quarterly increase in vacation rental listing numbers.
AirDNA provides vacation rental owners with data on the vacation rental market, providing them data and advice on things like rental rate optimization. The company uses proprietary software to analyze rentals on vacation rental platforms such as AirBNB and HomeAway to track listings, pricing, duration of stays and a tranche of data relevant to vacation rental owners.
The number of vacation rental listings within the City of Revelstoke boundary has been climbing steadily.
Two years ago, in the third quarter of 2017, the company calculated there were 139 listings within the City of Revelstoke. Since then, the number has almost doubled to 263 vacation rentals.
In Revelstoke, there are a variety of classification for vacation rentals, including bed and breakfasts, properties that have attained vacation rental zoning, commercial properties that are permitted to rent short term under commercial zoning, and illegal vacation rentals.
The AirDNA data does not include vacation rentals located outside of city limits. In addition, it is selected from specific vacation rental platforms such as AirBNB and HomeAway, so it does not capture all vacation rentals on the market.
Planning director says vacation rental policy discussion coming soon
When contacted by the Mountaineer, Marianne Wade, Director of Development Services for the City of Revelstoke, said that the city’s long-awaited vacation rental policy overhaul will start soon. Wade said it could be introduced for discussion at the city committee level as early as this week.
The City of Revelstoke stopped processing applications under its current spot zoning regime about two years ago. The system allowed individual homeowners to apply for vacation rental zoning for a property, but it required a public hearing for each individual property, and those hearings devolved into sometimes hours-long acrimonious sessions that often pitted neighbours against neighbours.
In addition, the system provided for a cap on the number of legal vacation rental rooms in the city. At the time the applications were suspended, the total number of rooms allowed under the system was nearing its maximum.
Wade said the policy discussion could start as soon as this Thursday at a committee of the whole meeting.