Following an 18-month-long NSW parliamentary inquiry into the short-term rental accommodation market, the official report is handed to the Baird government today, Wednesday 19th October. If adopted, this will see home sharing regulated for the first time across NSW.
In short, the report, which was driven by Liberal MP Mark Coure and supported by Airbnb, recommends light restrictions to property owners renting out to short term guests.
So what will that mean for you?
No permission required to host your home
If you are a private home owner and you want to rent out your principal place of residence, you will not require any permission to rent out your home to short-term guests. The report states that there is little to no interruption to communities by home owners enabling tourists to stay in their homes whilst they travel. This is great news to a lot of our customers and everyone who would like to generate income with their home whilst travelling.
Light regulations for investment property owners
If you are an investment property owner, you will only face light regulations and no restrictions on the maximum number of nights you can rent out your property to short term guests, as seen in other countries like the UK or the US. According to Mr. Coure there will be a fast track application process similar to the approval of property renovations or building a swimming pool.
No blanket ban
The report also rejects calls to allow owner's corporations to restrict short-term rentals or Airbnb from Strata buildings. It instead recommends strata managers to take complaints to the NSW Civil and Administrative Tribunal if problems arise.
The Baird government is expected to make a decision within the next 3 months.
MadeComfy welcomes the report and hopes the government will keep their decision close to the recommendations of the inquiry which is based on deep investigations and facts. We will keep you up to date with the latest news and will ensure that our customers will be one of the first, filing development requests for their investment property.
Your MadeComfy Team
MadeComfy provides an end-to-end property management service, which means property owners don’t need to do a thing when they hand over their keys. MadeComfy makes the process of earning greater returns from short-term renting effortless, achieving up to 40% more than long-term rentals and self-managed Airbnb listings. Get in touch with us today to see how we can help!