Airbnb Surrey, Canada: Market Data, Laws & Investor Guide

Surrey, Canada is an incredibly appealing location to start a short-term rental business on Airbnb in 2024. This vibrant city in British Columbia offers a perfect blend of urban amenities, natural beauty, and a thriving tourism industry that make it an ideal spot for Airbnb hosts.

Surrey boasts stunning parks, a diverse culinary scene, and proximity to Vancouver, consistently ranked as one of the world's most livable cities. With over 1,000 acres of green space and an extensive network of hiking and biking trails, Surrey attracts outdoor enthusiasts year-round. The city is also undergoing significant economic development, with a new city center and major infrastructure projects underway.

The demand for short-term rentals in Surrey is skyrocketing. In 2019, Airbnb hosts in British Columbia earned over $1 billion, with Surrey ranked as one of the top cities for guest arrivals. As travel rebounds, experts predict the global vacation rental market will reach $112.7 billion by 2027.

Surrey's prime location, just 30 minutes from the U.S. border and Vancouver International Airport, makes it convenient for both domestic and international travelers. The city also hosts numerous festivals and sporting events that draw visitors, such as the popular Fusion Festival celebrating diversity through music, food, and art.

Furthermore, Surrey offers more affordable real estate compared to Vancouver, making it easier for Airbnb hosts to purchase investment properties and maximize their return. With the right strategy and marketing, an Airbnb business in Surrey has strong potential for growth and profitability in the coming years.

Surrey Short-Term Rental Market Analysis

Surrey Airbnb Occupancy Rate

According to AirDNA data, the average monthly occupancy rate for short-term rentals in Surrey has seen growth over the past two years:

• In 2022, the average monthly occupancy rate was 46%
• In 2024, the average monthly occupancy rate is 49%, a 3% increase from 2022

Surrey Airbnb Nightly Rate

AirDNA reports the following average daily rates for Airbnb listings in Surrey:

1. In 2022, the average daily rate was $127
2. As of 2024, the average daily rate is $130, representing a 3% increase compared to 2022

Surrey Airbnb Seasonality

Surrey experiences moderate seasonality in its short-term rental market. Peak demand typically occurs during the summer months, particularly July and August, driven by festivals and favorable weather for outdoor activities. However, the city maintains a relatively stable demand throughout the year due to its proximity to Vancouver and appeal to both leisure and business travelers.

Surrey, Canada Short-Term Rental Growth Rate

Surrey is one of Canada's fastest-growing cities, with its population projected to surpass Vancouver's by 2041. The city's thriving economy, strategic location, and expanding tourism sector contribute to the growth of its short-term rental market:

1. Surrey welcomed over 1.2 million visitors in 2019, generating $174 million in economic impact
2. The city's tourism sector is projected to grow 4.1% annually through 2024
3. Active Airbnb listings in Surrey have increased by 8% over the past year

Surrey, Canada Key Local Events and Festivals

1. Surrey Fusion Festival: Held annually in July, celebrating cultural diversity through food, music, and art
2. Surrey Canada Day: Western Canada's largest July 1st celebration at Bill Reid Millennium Amphitheatre
3. Surrey Tree Lighting Festival: Annual event marking the start of the holiday season at Surrey Civic Plaza
4. Cloverdale Rodeo & Country Fair: Renowned rodeo event held each May

Surrey Mid-Term Rental Market

Surrey's mid-term rental market, consisting of stays between 30 and 90 days, is relatively strong. According to AirDNA data, 53.8% of Airbnb listings in Surrey have a minimum stay requirement of 30+ nights. This demand is driven by various factors, including visiting professionals, students, and travelers seeking extended stays in a convenient location near Vancouver.

The Airbnb Community forum discussions suggest that many hosts are considering focusing on mid-term rentals in light of the new provincial regulations taking effect in May 2024, which will limit short-term rentals to principal residences. This shift could potentially strengthen the mid-term rental market in Surrey.

Best Neighborhoods in Surrey for an Airbnb Business

When searching for the ideal location to start an Airbnb business in Surrey, hosts should consider factors such as proximity to attractions, up-and-coming areas, and tourist hotspots. Here are the top 5 neighborhoods in Surrey for starting an Airbnb:

1. Guildford

Guildford is a bustling hub for shopping and dining, making it an attractive choice for Airbnb guests. With the Guildford Town Centre nearby, this neighborhood offers a perfect blend of retail therapy and diverse culinary experiences.

1. Average Occupancy Rate: 72%
2. Average Daily Rate: $130
3. Airbnb Seasonality: High demand during summer months and holiday seasons
4. Estimated Annual Revenue: $34,000 for a 2-bedroom property

The average price for a single-family house in Guildford is $1,150,000, while condos average around $500,000. Two-bedroom properties provide the best return on investment in this neighborhood.

2. South Surrey

South Surrey's picturesque setting, with its stunning beaches and parks, makes it an excellent choice for Airbnb hosts catering to outdoor enthusiasts. Crescent Beach and White Rock Beach are popular attractions that draw visitors year-round.

1. Average Occupancy Rate: 68%
2. Average Daily Rate: $145
3. Airbnb Seasonality: High demand during summer months
4. Estimated Annual Revenue: $36,000 for a 2-bedroom property

Single-family homes in South Surrey have an average price of $1,400,000, while condos average around $600,000. Properties with 2-3 bedrooms offer the best investment potential in this area.

3. Cloverdale

Cloverdale's historic charm and proximity to the US border make it an appealing choice for Airbnb hosts. The neighborhood's unique shops, annual rodeo, and quaint architecture attract visitors seeking an authentic Surrey experience.

1. Average Occupancy Rate: 65%
2. Average Daily Rate: $120
3. Airbnb Seasonality: Peak demand during the Cloverdale Rodeo in May
4. Estimated Annual Revenue: $28,000 for a 2-bedroom property

Single-family homes in Cloverdale average $1,100,000, while townhouses are around $700,000. Two-bedroom properties provide the optimal return on investment here.

4. Newton

Newton's vibrant multicultural atmosphere and family-friendly attractions make it a great location for Airbnb hosts. The neighborhood offers a variety of international cuisine, local cultural festivals, and recreational facilities.

1. Average Occupancy Rate: 62%
2. Average Daily Rate: $110
3. Airbnb Seasonality: Steady demand throughout the year
4. Estimated Annual Revenue: $25,000 for a 2-bedroom property

The average price for a single-family home in Newton is $1,000,000, while condos average around $450,000. Properties with 1-2 bedrooms yield the best returns in this area.

5. Fleetwood

Fleetwood combines urban convenience with suburban tranquility, making it an attractive option for Airbnb guests. The neighborhood boasts excellent public transit, parks, golf courses, and community centers.

1. Average Occupancy Rate: 60%
2. Average Daily Rate: $100
3. Airbnb Seasonality: Consistent demand year-round
4. Estimated Annual Revenue: $22,000 for a 2-bedroom property

Single-family homes in Fleetwood have an average price of $1,200,000, while townhouses are around $650,000. One and two-bedroom properties offer the best investment potential in this neighborhood.

By carefully considering these top neighborhoods and their unique characteristics, hosts can make informed decisions when starting an Airbnb business in Surrey. Analyzing key metrics like occupancy rates, daily rates, seasonality, and estimated revenue, along with housing prices and optimal property sizes, will help hosts maximize their investment and create successful short-term rental ventures in this thriving city.

Best Surrey Investment Property Types and Maximizing Your STR Revenue

Choosing the right investment property and optimizing your listing with sought-after amenities are crucial steps in maximizing your short-term rental revenue in Surrey. By understanding the local market trends and guest preferences, you can create a profitable Airbnb business that stands out from the competition.

Best Real Estate Property Investment in Surrey

Based on recent market trends and data from the past few years, the following property types are most popular for short-term rental use in Surrey:

Condominiums: Average property price: $500,000 - $700,000

Potential STR revenue:

• Studio: $1,500 - $2,000 per month
• 1-bedroom: $2,000 - $2,500 per month
• 2-bedroom: $2,500 - $3,500 per month

Townhouses: Average property price: $700,000 - $900,000

Potential STR revenue:

• 2-bedroom: $3,000 - $4,000 per month
• 3-bedroom: $4,000 - $5,000 per month

Single-family homes: Average property price: $1,000,000 - $1,500,000

Potential STR revenue:

• 3-bedroom: $4,500 - $6,000 per month
• 4-bedroom: $6,000 - $8,000 per month

Detached suites or coach houses: Average property price: $300,000 - $500,000

Potential STR revenue:

• Studio: $1,200 - $1,800 per month
• 1-bedroom: $1,800 - $2,200 per month

Best Airbnb Amenities in Surrey, Canada

To maximize your short-term rental revenue in Surrey, consider incorporating the following amenities and features that are common among the most successful listings:

• Self check-in: Offer guests the convenience of a lockbox, keypad, or smart lock for easy and flexible check-in.
• High-speed internet: Provide reliable, fast Wi-Fi to cater to both leisure and business travelers.
• Well-equipped kitchen: Include modern appliances, cookware, and dining essentials to encourage longer stays and attract families.
• Outdoor space: Capitalize on Surrey's natural beauty by offering a balcony, patio, or backyard with seating and BBQ facilities.
• Parking: Provide free, secure parking for guests, especially those traveling by car from nearby cities or the US.
• Local recommendations: Share insider tips on the best restaurants, attractions, and hidden gems in Surrey to enhance the guest experience.
• Family-friendly amenities: Attract families by providing items like cribs, high chairs, toys, and games.
• Workspace: Include a dedicated workspace with a desk, comfortable chair, and good lighting to appeal to remote workers and business travelers.
• Bicycle storage: Offer secure bicycle storage to cater to guests who want to explore Surrey's extensive trail network.
• Pet-friendly accommodations: Consider allowing pets to tap into a growing market of travelers who want to bring their furry friends along.

By incorporating these amenities and features into your Surrey Airbnb listing, you can attract more guests, command higher nightly rates, and ultimately maximize your short-term rental revenue. Continuously monitor guest feedback and market trends to ensure your property remains competitive and appealing to travelers visiting this vibrant Canadian city.

Understanding Surrey Short-Term Rental Regulations

Starting a short-term rental business in Surrey, British Columbia requires careful research and compliance with provincial and local regulations. In Surrey, short-term rentals are only permitted in certain zones and require a business license from the city. Hosts must also comply with parking, noise, and occupancy limits.

To obtain a business license, hosts must submit an application to the Business Licensing department, along with proof of ownership or permission from the property owner, a floor plan, and a fire safety plan. The annual license fee is $200 as of 2024. Hosts must also collect and remit the 8% Provincial Sales Tax (PST) and the 2% Municipal and Regional District Tax (MRDT) on all short-term rental transactions.

It's important to note that obtaining a business license does not override any strata bylaws or homeowners' association rules that may prohibit or restrict short-term rentals. Failure to comply with regulations can result in fines of up to $500 per day and the suspension or cancellation of the business license.

In addition to city regulations, short-term rental hosts in Surrey must also comply with new provincial regulations taking effect in May 2024, which restrict rentals to the operator's principal residence plus one secondary suite or accessory dwelling unit on the same property.

While enforcement of short-term rental regulations in Surrey appears relatively lax compared to some other cities in Metro Vancouver, it's always best to follow the regulations to avoid potential consequences.

Read our full STR regulations guide for more detailed information about Surrey's short-term rental regulations, including insights from local hosts and a closer look at other policies.

Keys to Success as a Surrey Airbnb Host

Becoming a successful Airbnb host in Surrey requires a combination of strategic planning, attention to detail, and a commitment to providing exceptional guest experiences. By understanding the local market, incorporating popular amenities and design themes, and effectively marketing your listing, you can attract more customers and maximize your short-term rental revenue.

Popular Amenities and Design Themes in Surrey

The most successful Airbnb listings in Surrey often share common amenities and design themes that cater to the preferences of local guests. Some of these include:

• Modern, minimalist decor with natural elements like wood and plants
• Locally-inspired artwork and decor showcasing Surrey's natural beauty and cultural heritage
• Fully-equipped kitchens with stainless steel appliances and granite countertops
• Spa-like bathrooms with rain showers, fluffy towels, and complimentary toiletries
• Comfortable, high-quality bedding and linens
• Smart home features like voice-controlled lighting, thermostats, and door locks
• Outdoor spaces with comfortable seating, string lights, and fire pits
• Home office setups with ergonomic chairs, large monitors, and fast Wi-Fi
• Kid-friendly amenities like board games, books, and streaming services
• Pet-friendly accommodations with dog beds, bowls, and treats

By incorporating these popular amenities and design themes into your Surrey Airbnb listing, you can create a space that appeals to a wide range of guests and stands out from the competition.

How to Attract More Surrey Customers

To attract more customers to your Surrey Airbnb, consider implementing the following marketing strategies:

• Optimize your listing title and description with keywords relevant to Surrey and your property's unique features
• Use high-quality, professional photos that showcase your space in the best possible light
• Offer competitive pricing based on local market rates and seasonal demand
• Provide detailed information about your property's amenities, house rules, and local attractions
• Encourage satisfied guests to leave positive reviews by providing exceptional service and communication
• Leverage social media platforms like Instagram and Facebook to showcase your property and engage with potential guests
• Offer special promotions or discounts during slower periods to attract more bookings
• Partner with local businesses like restaurants, tour operators, and event venues to cross-promote your listing
• Utilize Airbnb's "Experiences" feature to offer unique, locally-inspired activities for guests
• Maintain a high response rate and provide prompt, friendly communication with guests before, during, and after their stay

Potential Challenges and Guidelines for Success

While operating an Airbnb in Surrey can be a rewarding venture, hosts should be aware of potential challenges and follow guidelines for success:

• Compliance with local regulations: Ensure you have the necessary licenses, permits, and insurance coverage to operate legally in Surrey.
• Noise and parking restrictions: Be mindful of local noise ordinances and parking regulations to avoid complaints from neighbors or fines from the city.
• Strata bylaws and HOA rules: If your property is part of a strata or homeowners' association, ensure short-term rentals are permitted and follow any specific guidelines.
• Maintenance and cleaning: Develop a reliable system for cleaning and maintaining your property between guests to ensure consistently high standards.
• Guest screening: Implement a thorough guest screening process to minimize the risk of damage, disturbances, or illegal activities on your property.
• Insurance and liability:Obtain appropriate insurance coverage to protect yourself and your property from potential damages or liabilities.
• Taxes and financial management: Keep accurate records of your income and expenses, and ensure you are collecting and remitting all required taxes.
• Seasonality and occupancy: Develop strategies to maintain high occupancy rates throughout the year, such as offering long-term stays or adjusting prices based on demand.

By understanding and addressing these potential challenges, and following guidelines for success based on the experiences of other Surrey hosts, you can build a thriving Airbnb business in this dynamic Canadian city.

Using BNBCalc to Find Profitable Properties in Surrey, Canada

BNBCalc is a powerful tool that can help aspiring short-term rental business owners find and analyze profitable properties in Surrey, Canada. By leveraging the platform's data-driven insights and comprehensive features, investors can make informed decisions and maximize their returns in this thriving market.

Analyze properties using BNBCalc

To get started, input the address of a potential investment property into BNBCalc. The platform will provide detailed information on the property's estimated revenue, occupancy rates, and expenses based on historical data and local market trends. Use this information to determine if the property meets your investment criteria and has the potential for strong returns.

Benchmark comparable rentals

BNBCalc allows you to compare your potential investment property to other nearby rentals in the area. Analyze the amenities, pricing, and occupancy rates of these comparable listings to ensure your property is competitive and positioned to fetch top dollar. Use this information to refine your investment strategy and make any necessary adjustments to your property's features or pricing.

Determine The Right Price and Property Size

With BNBCalc's advanced analytics, you can determine the optimal number of bedrooms, bathrooms, and purchase price to maximize your revenue potential. The platform's algorithms take into account local market demand, seasonality, and other factors to provide personalized recommendations for your investment property. Use these insights to guide your search for the perfect Surrey investment opportunity.

Make an Offer

Once you've found a property that meets your investment criteria and shows strong potential returns, it's time to make an offer. BNBCalc's partnered STR lender, Brian Bockholdt at Alliant Credit Union, can help you get prequalified for the lowest rates available. Use the platform's financial projections to determine a competitive purchase price that aligns with your investment goals.

Use Our Tax Calculator

BNBCalc's built-in tax calculator can help you determine potential tax deductions from bonus depreciation on your Surrey investment property. Input your property's details and the platform will provide an estimate of your eligible deductions, helping you optimize your tax strategy and maximize your returns.

Come Up With a Buy Box

When creating a buy box for your Surrey investment property, focus on the following key qualities:

• Location: Look for properties in popular neighborhoods with strong demand from short-term rental guests, such as Guildford, South Surrey, or Cloverdale.
• Property Type: Consider properties that align with market preferences, such as condos, townhouses, or single-family homes with 1-3 bedrooms.
• Amenities: Prioritize properties with amenities that appeal to Surrey guests, such as modern decor, fully-equipped kitchens, and outdoor spaces.
• Revenue Potential: Use BNBCalc's financial projections to ensure the property has the potential to generate strong returns based on your investment criteria.
• Regulations: Confirm that the property is eligible for short-term rental use under Surrey's local regulations and any applicable strata or HOA rules.

By focusing on these key qualities and leveraging BNBCalc's powerful tools and insights, you can create a buy box that helps you identify the most promising investment opportunities in Surrey's dynamic short-term rental market.

Ready to start your Airbnb journey in Surrey? Use BNBCalc to analyze potential properties and make informed investment decisions. Our powerful tool provides comprehensive data to help you maximize your profits. Check out this pre-analyzed Surrey Airbnb opportunity and see how BNBCalc can help you succeed in the short-term rental market. Visit BNBCalc.com today and take the first step towards building your Airbnb business.