Murray Wood: Who's hot... and who's not
Every Friday, Murray Wood takes a look back at the week's news and decides who's hot... and who's not. This week's list ...
Regina’s executive committee endorsed regulations for short-term rentals like AirBnB during its meeting Wednesday.
The changes came after much consultation with stakeholders including Airbnb, Mayor Michael Fougere said during Thursday’s Greg Morgan Morning Show.
“They support this. The hotel association supports this as well. (What) we’re trying to do is make sure we have a level playing field between hotels and homestays or Airbnbs,” Fougere said.
“I think we’ve achieved that balance and hopefully we’ll get this through council at the end of the month.”
According to the report from administration, it will cost the city $75,000 to run the program, which will be fully recovered through licensing and inspection fees.
The licensing fee would be $100 for a primary residence, a reduced amount on the assumption the owners will not rent them out as often.
Licensing a secondary property would cost $300 per property.
Short-term rentals would be a permitted use in residential zones as well as mixed-use zones.
Currently, they require a discretionary use approval, with a $2,500 application that would need to be decided by council. As a result, the report says many have not complied, with only 14 properties approved as a homestay over the past 27 years.
Under the new regulations, licensees will have to submit to an inspection at any time.
As far as the impact on the rental market, the report notes the vacancy rate in the city has grown since 2011, hitting 7.8 per cent last year.
The report recommends a study if that rate decreases and does not recommend an automatic freeze on licences once the vacancy rate hits a certain mark.
Fougere said the city would cap short-term rentals once the vacancy rate dropped below three per cent.
