SLUGGISH RENTAL
MARKET FORCES HOMEOWNERS TO LIST ON AIRBNB
May 23, 2016
The difficulty in finding long-term tenants amidst the
sluggish residential rental market has forced some owners of private condos in
Singapore to offer short-term rentals via Airbnb, reported The Sunday Times.
The practice of short-term rentals is illegal in Singapore.
“The rental market now is horrible. I started doing this to
defray my mortgage and maintenance costs on the apartment,” said a 56-year-old
entrepreneur, who began leasing out his condominium unit through the
home-sharing website at the end of last year.
Since then, he has accommodated around 20 groups of visitors
at his condo on the city’s outskirts for about $150 per night, which is twice
as cheap as a four-star hotel in the vicinity.
“Visitors to Singapore may not have the budget for luxury
hotels and may not like hostels,” he noted.
“They like staying in a condo because it’s almost like a
hotel suite. They can even cook and do their laundry,” added the businessman
who asked to remain anonymous, as the practice of renting out a private home
here for less than six months is illegal.
Meanwhile, the founder of a tech start-up who rents out two
rooms in his Buona Vista condo, revealed that he occasionally hosts
Singaporeans on weekends.
“They want to buy a place here and get a feel of the
neighbourhood,” said the 33-year-old Airbnb ‘superhost’, signifying that he has
received many positive reviews from his guests.
But most of his visitors are research students and foreign
professionals who need to stay in Singapore for several months.
However, not all of his experiences with guests are
positive.
“Some treat me like a hotel boy and want me to do everything
for them,” shared the start-up founder. Some visitors even stole two towels
from his flat, others do not clean up after using the kitchen, while a few
forgot to turn off the air-con when they went out.
“It’s very time consuming. We have to be there to open the
door for guests, clean up the house, and get calls in the middle of the night
from those who lock themselves out of the room,” he added.
Info courtesy - Property Guru
