It is hard to underestimate the popularity of short term vacation rentals in Burnaby. It is a desired destination for tourists in British Columbia, guaranteeing Airbnb hosts thousands of potential visitors. And like with any other business, it is important to acknowledge the market conditions before entering. Today, we will share some of the key details that will be essential for hosts in this area.
Airbnb Metrics in Burnaby
The most important aspect of preparing for your future Airbnb management Burnaby business relates to learning the market conditions of the area. Knowing the key parameters and metrics will enable you to make the best decisions for your enterprise. Thankfully, there is enough information available publicly. In this section, we will review the financial parameters and other metrics related to short-term rentals.
Rentals and Dwellings
At the time of writing, there are 843 active listings available in the region. Taking into account the small area of Burnaby, this number implies intense competition in the vacation rentals market. Even though it might repel some entrepreneurs, the financial metrics that we are going to review as well are quite inspiring.
The most popular rental property for vacation rental management Burnaby enterprises is entire homes. Currently, there are 525 active listings for entire homes, while private rooms appear on only 306 listings. Shared rooms are extremely unpopular in the region, as there are only twelve listings of that type.
Financial Metrics
The average daily rate is perhaps the most informative parameter for Airbnb property management Burnaby listings. At the time of writing, it is $129. However, it is important to remember that this parameter is strongly linked to the seasonality of tourism in Canada. In June, the average daily rate for properties peaked at $148, while in February, it only reached $113.
The occupancy rate is also seasonal in Burnaby and generally in BC. In December, it was 62%, while in June it was around 90%. These rates are quite inspiring, as many other regions in Canada are not even close to such results. Most properties from these listings are located in the southern part of Burnaby.
Licensing in Burnaby
Making your business official is arguably the most difficult challenge for beginners. In the region, the legislation is managed by The Burnaby City Council. It has some serious restrictions that prevent some forms of the rental business, meaning not everyone will be able to obtain a license. In general, the rules are the same as in other regions of BC.
You will only be able to list your primary residence on platforms like Airbnb. For B&Bs, you will necessarily have to obtain a license with no regard to the size of your property. For boarding or lodging, the license is not needed, but only in case, the services are offered to parties of less than three people. You can always check up on the laws and the latest amendments on the official website of Burnaby City Council.
Vacation Rental Platforms in Burnaby
Every vacation rental owner has to choose a platform for their listings. In the region, the dominating option chosen by current entrepreneurs is Airbnb. In fact, 96% of all short-term rentals in Burnaby are available on Airbnb, leaving other platforms far behind. VRBO holds second place, but only 4% of all properties are exclusively listed there.
As you might have expected, guests also prefer Airbnb in most cases. However, some owners list their properties on both platforms. In total, around 5% of listings are available both on Airbnb and VRBO.
Benefits of HeartHomes for Hosts in Burnaby
The process of launching your business is full of challenges, so there is no surprise many entrepreneurs seek assistance. HeartHomes is a company that is ready to help you out in most stages of this process. Step by step, they will assist you in creating an effective and profitable listing.
First of all, the experts from HeartHomes will visit your property and help you rethink the interior design and staging to make the most out of the space you have. Then, they will take professional photographs of your place to make your future listing more appealing to guests.
Another important part of the service relates to Airbnb licensing and insurance. Entrepreneurs who are not willing to spend hours learning the latest amendments to the local laws will surely benefit from professional assistance. Last but not least, the company can take on the rest of the operation, including listing management, guest care and even cleaning and maintenance.
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