Minimum stay period for Private Homes cut to 3 months!

[Kelonguni]

Very cooling indeed!

[bargain hunter]

https://www.ura.gov.sg/uol/media-room/news/2017/Jun/pr17-44

cooling or uncooling?

[star]

I as owner dislike shorter term contract. Dont know who is the person that feedback this.

[tonymontana]

I as owner dislike shorter term contract.

i don't do short term contracts either, too leh-ceh. might see more people coming and going. those staying in rental heavy condos might dislike it. i certainly would :(

[frumnat]

But still cannot Airbnb for <3mths legally?

[Kelonguni]

I am neutral and hesitant about it too.

But half a year ago, an offer over 10% higher than my last tenant agreement was made for 4 months rental.

I declined cos Chenghu didn't allow. It is possible that others accepted but they ended up did not declare their unit as being rented. That was some fake vacant unit and high rental unit that was not captured by the URA data.

With this ruling provision, such higher rental transactions will surface.

Actually the couple was just coming here for an MBA study of 4 months. They would not sign 6 months logically. I think this provision is a healthy compromise as tourists wouldn't stay 3 months too.

[frumnat]

I am neutral and hesitant about it too.

But half a year ago, an offer over 10% higher than my last tenant agreement was made for 4 months rental.

I declined cos Chenghu didn't allow. It is possible that others accepted but they ended up did not declare their unit as being rented. That was some fake vacant unit and high rental unit that was not captured by the URA data.

With this ruling provision, such higher rental transactions will surface.

Actually the couple was just coming here for an MBA study of 4 months. They would not sign 6 months logically. I think this provision is a healthy compromise as tourists wouldn't stay 3 months too.

I don’t like short term rental for the hassle involved. Just checked Airbnb SG website. Seems like many are still blatantly renting out on daily basis.

[Arcachon]

I don’t like short term rental for the hassle involved. Just checked Airbnb SG website. Seems like many are still blatantly renting out on daily basis.

You can do anything you like so long you don't get caught.

[frumnat]

You can do anything you like so long you don't get caught.

Lol… Trust you to say that just before SAF Day. True blue NS man indeed.

[Arcachon]

Lol… Trust you to say that just before SAF Day. True blue NS man indeed.

23 years. The Sky is your Limit.

[star]

If tenant want only 3 month rental i will certainly ask for 10% or more rent. If he dont want he can walk off.

[Kelonguni]

It's just too much of a hassle to handle daily. There is a reason why it is called passive income. I would rather go long, but shorter is a good backup option too.

[teddybear]

Since rent out for 1 year collect 1 month deposit, so rent out for 3 month means collect 0.3 month deposit?
Scarely the tenant damage a lot of things (costs much much more than 0.3 month rental to restore/repair) and run away, and since these short-term tenants are usually foreigners, you really have no recourse!


If tenant want only 3 month rental i will certainly ask for 10% or more rent. If he dont want he can walk off.

[star]

Since rent out for 1 year collect 1 month deposit, so rent out for 3 month means collect 0.3 month deposit?
Scarely the tenant damage a lot of things (costs much much more than 0.3 month rental to restore/repair) and run away, and since these short-term tenants are usually foreigners, you really have no recourse!

Not only that. Mostly likely no agent will want to do 3mths rental. If 1 year contract u pay 0.5mth comission how about 3mth contract?

[Hakuho]

If IRAS takes into account these short term rentals then the property tax can only goes up.

[challenger]

Good news. More options for tenants and landlords.

Max period of rental for HDB for non Singaporean/Malaysian is 1.5 years. For the remaining months, they can rent condo for couple of months since they may not want to rent for minimum 6 months. Will see higher rental quantum transactions.

If house renovation, can temporary rent a place for 3 months.

[PropVestor]

I also think this is a good move to encourage more vibrancy and volume in the soft rental market. This means the government is monitoring very closely and reacting accordingly. They also do not want the rental market to fall below survival line.

This might change some operation model for those renting out near think tanks, schools and universities. Paired with the lower count of tenants per household unit, I feel this is a counter balance measure to that too.

2 cents,
PropVestor

[Arcachon]

Good news. More options for tenants and landlords.

Max period of rental for HDB for non Singaporean/Malaysian is 1.5 years. For the remaining months, they can rent condo for couple of months since they may not want to rent for minimum 6 months. Will see higher rental quantum transactions.

If house renovation, can temporary rent a place for 3 months.

Not many can rent 4K a month, so sad. That is 12K for 3 month, I think they will stay in the rental HDB.