Dreams of Olympic-Sized Rental Payday Dashed
Seemingly since the venue announcement in 2003, hundreds of Vancouver home- and apartment-owners have been gearing up to hit a major payday by renting out their residences to international tourists during the Games. Many have even sunk capital into upgrades and improvements in hopes of luring higher-end renters.
But with less than a month until the opening ceremonies, many of the available rentals are stagnating on the market. A combination of factors has come into play to dash the Olympic dreams of so many would-be landlords:
- Vancouver is the largest city to ever host the Winter Games, and has a proportionately larger stock of hotel rooms to offer.
- The large population also means that there's a wider pool of residents to house visiting friends and family from surrounding Canada and the nearby U.S.
And you can't have a discussion about financial disappointment these days without pointing a finger - or two, in this case - at the economy:
- Recession-rattled Games sponsors and media organizations have scaled back their on-the-ground presence, releasing hundreds of hotel rooms back into the pool.
- "In this economy..." who can afford to fly off to British Columbia to catch a curling match, for pete's sake?!
It all adds up to bad news for Vancouverites hoping to (literally) win gold next month.