We chat to WINSTON LEE, regional head of special projects for PropertyGuru Group, about what shorter lease terms mean for tenants looking to rent private properties.
What changes have been made to lease tenures?
The Urban Redevelopment Authority (URA) recently announced the reduction of the minimum lease term from six to three months, effective 30 June 2017. This is in response to a rising need for shorter-term leases among groups such as visiting academics, exchange students and professionals on short-term work assignments.
It’s worth noting, however, that short-term stays of less than three months through home-sharing platforms such as Airbnb remain illegal, in efforts to preserve the residential character of private housing.
What does this actually mean for tenants?
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