A new study sheds light on how short-term rentals like Airbnb make housing less affordable.
The average asking price for a rental unit in Canada reached $2,042 in June, marking a 7.5 per cent increase from 2022. Metropolitan districts are particularly affected by rising rental costs, with some local families forced to relocate due to a lack of affordable housing.
While several factors may contribute to this, some have pointed to Airbnb as one of the reasons for the rental crisis. Airbnb says it is not the cause of the housing affordability crisis.
How Airbnb may be fuelling gentrification: A case study in Toronto – TheConversation.com, August 13, 2023