Over the short span of less than 10 years, Airbnb has changed the playing field for short term accommodation.
Initially designed as a concept to share parts or all of the family home for short term accommodation targeted principally at international visitors, Airbnb has made substantial inroads into the Perth hotel and serviced accommodation market.
Following on from that, many property investors have seen the potential to increase substantially their returns from strata titled property they hold. To that end, there are several councils in and around Perth who enforce the rules to ensure short term accommodation doesn’t erode the liveability of long term residents.
Some councils enforce a fine of up to $200,000 for each offence, and don’t take lightly to the destructive causes of people coming and going at short term weekly intervals, with little disregard of long term residents.
Having said that, Airbnb is a very preferred option, and I would suggest that Airbnb is here to stay, but it is essential that you do things under the correct rules and regulations and avoiding conflicting with local strata and government rules and regulations.
A further note, whilst the higher returns are preferable, greater downtime and higher turnover, puts both your potential income and property value at a potential risk if not rolled out and conducted correctly.