Last word on new short-term letting laws | Another day in paradise | Flat Chat Forum: Your Questions Answered
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Actually, that heading is a bit misleading, if not wildly hopeful. The NSW government is due any day to table its response to the Coure inquiry into holiday letting, the most prominent manifestation of which is Airbnb.
This morning Radio National ran a track about the proposed laws in which yours truly was quoted extensively. Click on that link to listen.
But of course this will not be the last word on the issue. Far from it. Parliament will have to discuss it and MPS will vote on it and, if recent history is anything to go by, Airbnb will pump millions into the advertising market to shore up their image of a friendly hug-fest that helps nice people to do nice things.
I saw a poster in the station the other day claiming that Airbnb helped some woman to pay her strata fees. Nice for her - but who pays for the extra wear and tear from all the woman's visitors who neither know nor care about by-laws and building rules?
Anyway, in the absence of a recent turn on James Valentine, you can hear me and some people who actually know what they're talking about on Radio National.
Oh, and I'm betting here and now that my prediction that the law proposed tomorrow (Wednesday April 19) will allow room lets but restrict whole apartment lets will be proved wrong.
As an ungeared landlord of the same house in the inner suburbs in Sydney for over 40 years, it could be said I am here under false pretences. But the economics of property investment (for income rather than short term gain) must be the same for houses and apartments. Given the vacancy factor and other management issues, I cannot imagine how short term letting can ever be more attractive than catering to people who stay for years. Can someone please explain. What rent loadings apply to short-term whole apartment letting, to makes it attractive.
I should also say we have relied on short-term lets when travelling in Europe and plan on doing so again this northern summer. I would be very sad if authorities in Europe were prohibited from offering this service there.
Can someone please explain. What rent loadings apply to short-term whole apartment letting, to makes it attractive.
It depends where you are but if you are in an area that's popular with tourists, you can double your rental income by renting your property for eight months of the year to permanent residents then put tourists in for the summer months.
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