Some short-term rentals in the City of Waterloo may have to shut down as city council changes to rules around rental licencing.
Council approved amendments to the Residential Rental Licensing bylaw that will only allow short-term rentals to be run out of an owner’s principal residence in low-rise rental properties.
Short-term rentals include bookings through Airbnb and Vrbo.
The city will be applying for a financial boost from the federal government’s Short-Term Rental Enforcement Fund to make sure the new rules are being followed.
During Monday’s council meeting, councillors were told city staff believe approximately 500 short-term rentals are operating within Waterloo, representing somewhere between 2 to 5% of all available rental units within the city.