23 May '16, 8am

#Singapore - Sluggish rental #property market forces owners to list on #AirBnB

The practice of short-term rentals is illegal in Singapore. 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 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. T...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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