Advice For Short-Term Rental Property Owners who Own Real Estate in Kelowna

New short-term rental restrictions have undoubtedly impacted real estate in Kelowna. With the initial legislation now in effect, property owners will be required to comply with the government’s regulations. For some, this might mean attaining a business license. For others, it could mean finding a new way to boost property value. Regardless of what course of action you choose to take, we have outlined some tips on how to proceed given the new STR legislation. In this article, we will go over some of the different ways that STR property owners are making do under the new rules. 

How to Navigate New STR Rules When Buying Kelowna Real Estate?

Before you make any decisions about how to proceed with your STR, it’s important that you understand the rules. A good first step is to visit the Government of British Columbia website and review their documentation on STRs in the province. Here, you will find specific information about how these new rules will impact your home. Once you have a good understanding of the legislation, determine what laws apply to your property. For example, if you are living in a stratified building there may be additional rules on STRs set by your strata. Alternatively, your property may qualify for exemptions if, for instance, you reside on the Treaty Lands of a Treaty First Nation. 

Once you’ve attained a good understanding of the STR regulations, it’s critical that you stay informed. Keeping up to date with any changes in legislation or new exemptions is vital if you continue to operate an STR on your property. A great way to do this is by subscribing to a local news source or checking in on our blog each month. At HilbertCrick, we are committed to providing you with all relevant real estate information in Kelowna. This includes details about the ongoing STR situation. 

You may also consider receiving professional advice about how to comply with or pivot given B.C.’s STR rules. Consulting with a real estate professional, lawyer or property management company can help you solidify your plan of action. The expertise of a professional can give you valuable insights and guidance tailored to your situation. Moreover, they will be able to answer any question that remains unclear. 

Possible Courses of Action to Ensure Compliance With STR Regulations

One of the ways that STR owners are choosing to proceed with new regulations is by converting their short-term units into long-term rentals. This is a good option for homeowners to continue generating income from their property whilst conforming to the government’s laws. Another advantage of transitioning to a long-term rental is that minimal effort is required to make the switch. However, to attract long-term tenants, you may want to consider providing additional utilities/amenities. For example, an in-unit washer and dryer, a full kitchen, and a separate entrance.

If you’re keen on maintaining your STR business, and your property zoning allows for it, make sure that you have taken all necessary steps to proceed legally. This means acquiring a valid business license and updating your rental listing to comply with the new standards. Be sure to display your business license promptly, as this is required as of May 1, 2024. You will also want to stay on top of the additional requirements being unrolled in the summer. For example, data sharing with the provincial and local governments. Those who have not yet attained an STR business license can apply for one with the City of Kelowna. 

Finally, as a former or current STR owner, monitoring market trends is paramount. Doing so will help you maximize your property value and make informed decisions. Staying in touch with the demands of the local real estate market can help you adjust your rental strategy accordingly. It will also help you remain competitive in the changing Kelowna real estate market. This will help minimize vacancy rates and ensure that your rental unit follows local regulations. 

Contact Hilbert & Crick Today!

If you’re interested in finding ways to repurpose your STR in Kelowna, don’t hesitate to reach out! For more information about buying/selling real estate Kelowna, contact us today! We’d be happy to help you find an amazing home that accommodates you and your family’s needs! Be sure to check out our social media for the latest updates and more. And, stay tuned to our blog for more real estate-related information. We look forward to working with you to reach your investment goals!