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Minimum stay in private homes cut to three months
THE least possible time to rent someone's private home has now been lowered to only three months.
But short-term stay of less than three consecutive months, including those facilitated through home-sharing platforms such as Airbnb, is still not allowed.
Announcing this on Friday, the Urban Redevelopment Authority (URA) said that the cut from from the present six months applies to all private homes approved for residential use.
The minimum stay duration of six months was put in place since 2009.
But in recent years, URA said, the demand from those seeking accommodation for periods of between three and six months - such as academics and students visiting local institutions of higher learning, and professionals on work assignments - has been growing.
The authority said that the revised minimum stay period will provide this group with more options and give more rental opportunities for property owners looking for tenants.
During URA's public consultation exercise on short-term stays in 2015, a majority of respondents were supportive of a reduction in the minimum stay duration. URA had considered this feedback in deciding on the current change.
URA will monitor the situation closely and assess the need for a further review.