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Here’s Why You Should Be Careful While Renting Out Apartments on Airbnb

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On Tuesday in Singapore, two property holders were accused of unlawfully renting out four condo units through Airbnb, and could confront fines of up to $148,000.

Under Singapore law, it is unlawful to let out private lofts for under three months, making most short time lets on Airbnb illicit.

This is the first run through in Singapore anybody has really been charged for renting out their homes on Airbnb.

Terence Tan and Yao Song Liang purportedly cooperated to rent out four loft units at a private condominium, and face four charges each under Singapore’s Planning Act.

They’re relied upon to plead guilty in January and could be fined up to $148,500 (S$200,000).

Singapore’s Urban Redevelopment Authority (URA) had not long ago brought down the minimum rental time frame for private houses from a half year to three months.

However, both Tan and Yao had supposedly dedicated the offences previously the three-month prerequisite, and will in this way be charged under the before half year administer, as indicated by a report by The Straits Times.

As per the URA, the three-month lease prerequisite attempts to “ensure that residents are not adversely affected by the frequent turnover of transient occupiers on short-term stays.”

As per a representative from Airbnb, the association remains “strongly committed [to] working alongside the government to find a way forward for home sharing.”

It included that the “current framework for home sharing in Singapore doesn’t reflect how Singaporeans travel or use their homes today…[and] stands in contrast with Singapore’s commitment to innovation.”

But Singapore isn’t the main place to descend on Airbnb.

Recently, Vancouver passed strict regulations permitting destinations like Airbnb to rent out rooms just in properties where people lived.

In New York, rentals are restricted unless a host is available. Two New York City property managers were fined before in February after professedly posting their flats for rent on Airbnb.