STR’ S IN FERNIE:
In 2018 there were 296 units available, in 2019 there were 381. Of these, the number of STR units in town was 197 and on-mountain was 184.
A unit is counted when at least one night has been booked in a month / year. As a comparison, traditional accommodations in Fernie total approximately 850 units.
The growth of STR in Fernie has resulted in the City of Fernie developing regulations in 2017 to help manage and govern these commercial revenue generating entities that are typically located in residential neighbourhoods and were previously illegal.
STRs on-mountain have an average nightly rate of $ 280, whereas STRs in town are $ 190.
SITUATION ANALYSIS & KEY INSIGHTS
THE SHARED ECONOMY – SHORT-TERM RENTALS( STR) IN FERNIE
Short-term rentals are described as furnished, primarily self-contained apartments or private homes, that are rented for short periods of time( less than a month) primarily by local residents who own the units.
AirBnB, and other similar online platforms such as HomeAway, began to populate Fernie accommodation options listed by local residents since approximately 2015. As per AirDNA data, in 2018 & 2019, revenues from this lodging‘ shared economy’ in Fernie totalled over $ 9 and $ 13 million respectively, in USD.
AirDNA data for April & May 2020 suggests that COVID-19 has had limited impacts on AirBnB rentals in Fernie. In town STR revenues were down 22 % where as the number of nights booked was only down 3 %, while on-mountain STR revenues were up 72 % with both nightly rates and book nights seeing an increase. Local traditional accommodators, many closed due to COVID-19 or only servicing essential travellers due to WorkSafeBC guidelines, saw an estimated decrease in revenues of between 60 %-100 %.