| Ever since Olympic fever descended on the host | | | | shorter than one month, however last year the |
| cities Vancouver and Whistler, there has been | | | | council approved a temporary exception. Now |
| uninterrupted interest in private property rentals. | | | | one-bedrooms are exempt from licensing. Larger |
| Numbers of expected Olympic guests released by | | | | properties are still required to obtain a city business |
| VANOC in 2006 predicted a severe shortage of | | | | license. |
| accommodations in 2010. A number of ideas surfaced | | | | Then there were several scams that dissuaded some |
| from various sources that included cruise ships, trailer | | | | overseas guests from using classified ads to seek |
| parks and other out-of-the-box solutions. However, | | | | out a place to stay. Finally the crash in the world |
| private home rentals continue to be the most | | | | economy turned away many potential 2010 travelers |
| reasonable option for corporate sponsors, volunteers | | | | from expensive Vancouver. Some home owners |
| and sports fans, and this trend is growing. | | | | were hit with accusations of gouging for rentals of |
| The opportunities associated with turning local condos | | | | their properties. Martin Schoenberg, founder of RFTG, |
| into short-term vacation rentals fueled the growth of | | | | explains: “There is a wide misunderstanding of |
| local company Rent For The Games. RFTG is a clear | | | | the short-term vacation rental business. We are all |
| market leader renting out eight out of every 10 | | | | accustomed to monthly rentals and leases. Vacation |
| properties in Vancouver. Majella van Hoof has been | | | | rentals are a completely different service altogether. |
| with the company since 2008 and she predicts that | | | | Properties are furnished - often luxuriously, with all |
| the trend will continue well into November. | | | | utilities included and fully serviced by their owners or |
| “We are busier than ever before with less than | | | | managers. Think of a car lease versus car rental.” |
| six months to go. Historically this has been the | | | | But, despite some setbacks the rental market is |
| busiest booking period for previous Olympic | | | | booming. |
| Games.” | | | | Statistically speaking, the original estimates for 2010 |
| The company connects local home owners wanting | | | | visitors stood at 250,000 with Vancouver only |
| to leave the city and their property behind for the | | | | capable of providing approximately 28,000 beds. |
| Olympic period with guests who face no vacancies at | | | | Although current numbers of expected visitors go as |
| local hotels. Many local home owners have already | | | | high as 300,000 it is prudent to assume a more |
| scheduled their holidays during the Games and the | | | | conservative number of 200,000 due to the long |
| income from the rental can ensure a luxury vacation | | | | lasting effects of the recent economic downturn. |
| for the entire family. With weekly rental fees ranging | | | | Even so, Vancouver’s scarce resources will not |
| from $3,000 to $20,000 it’s easy to book a | | | | be able to accommodate the fans. With an estimate |
| dream trip. | | | | of about 75,000 total beds in Metro Vancouver, and |
| Local homeowners had to overcome several hurdles | | | | a current 15,000 of privately secured rentals, the |
| before being allowed to enter the short-term rental | | | | shortage is bound to be painfully visible in the months |
| market. Originally city by-laws prohibited rentals | | | | to come. |