Whilst the full details (including the start date) of the new laws are yet to be announced, MadeComfy, Airbnb, and other key organisations in the NSW Short-term Rental industry welcome the changes as progressive and forward-thinking. This is especially the case when we look at regulations put in place in other major tourist hubs such as Berlin, Paris and New York.
How will the new legislation affect you?
With the new legislation around
So what are the new laws?
- If the owner is present on the property then part of the house - such as rooms / a room can be rented 365 days a year with no restrictions.
- Strata bodies can only prevent investment property owners from leasing their property out
if 75% of the owners are against it. shortterm
- A 180-day cap has been
introduced forproperties in Greater Sydney where the owner does not live on site, such as investment properties.
- Properties in regional NSW will be uncapped,
howeverthis is at the council’s discretion and they have the option to cap no lower than 180 days per year.
- This cap refers only to booked days, not advertised, so a 75% occupancy rate can end up being 240 advertised days. This cap is generous compared to other cities with more restricted rules such as Paris where the cap is fixed at 60 days only.
A two-strike rule will come into effect for those “breaching the code of conduct” said Matt Kean, Minister for Innovation and Better Regulation. This refers to, “noise levels, disruptive guests and the impact short-term letting had on shared neighbourhood amenities”. This rule makes it even more important to have a property properly and efficiently managed, especially if ‘strikes’ are caused by issues such as lack of communications and property care.
Airbnb’s head of global policy and communications, Chris Lehane, also welcomed the government’s announcement. “I think they’ve taken an approach that’s designed to balance [different] interests and I think ultimately they’re taking a fair, forward-looking and progressive approach.”
This new legislation mirrors similar policies made by other government bodies around the world – and are initiatives which MadeComfy has been planning
MadeComfy continues to work towards maximising your rental yield
After listening to the rental market, we have identified a market need for mid-term rentals, and launched MadeComfy Living,
MadeComfy Living – a serviced living concept - provides additional flexibility and convenience to tenants who look for furnished mid-term rental options. MadeComfy Living, which is currently running as a beta service and already getting a strong traction, will enable our team to help widen the market of guests and tenants as well as the occupancy rates of our properties, especially in lower season periods.
Furthermore, MadeComfy Living will allow us to continue maximise the rental returns for our clients throughout the year without any limitation.
MadeComfy has also continued to strengthen its relationship with Airbnb, being uniquely selected to pilot a program for faster access to Airbnb Plus. We’re proud to say that MadeComfy is one of only a handful of property managers around the world to take part in this program.
The STR is now more attractive than ever for any property investors in Australia
It’s exciting times ahead for the short-term rental market in Australia, and we are looking forward to continued growth and opportunity for our valued property owners, guests, and the