Martin Phillips, the founder of RENTALS.SG is also the founder of RENTALSWORLDWIDE.COM, a vacation and long-term rental platform. The global vacation rental market is currently believed to be valued at US$100 Billion and is forecast to increase to US$ 170 Billion by 2019.
While RENTALS.SG is only focused on direct landlord to tenant long-term Singapore rentals, it is now clear that the short-term rental market will not be part of the global growth story.
National Development Minister Lawrence Wong has revealed plans to create a new building-use category for private homes whose owners wish to offer their property for short-term rent that reduce the current six-month minimum rental period.
However, Mr Wong note, “But whatever adjustments we may make to this minimum period, it is clear that we will not accommodate residential homes that are put up for daily rental”.