Short-Term Rental for Landlord
Here’s all you need to know about short-term rental with SPEEDHOME.
Short-term rentals refer to the practice of renting out a property for a brief duration, typically for a few days to a few weeks. This form of accommodation has gained significant popularity in recent years, offering travelers a flexible and often more affordable alternative to traditional hotels.
Can I rent out my place short-term?
Yes, you can. SPEEDHOME’s tenancy period starts at a minimum of 3 months and can be extended to a maximum of 12 months.
Does SPEEDHOME protect me for short-term rental?
Yes, we do! We’ll protect you up to RM72,000!
- Landlord Rental Protection Plan is applicable for any unit rental from RM500 to RM5,000 only.
- On-Time Rental (OTR) is a feature that allows you to get your rental income on time even when your tenant pays late or stops paying. OTR payment can be activated up to 2 times continuously and will only be reset once a tenant pays their rent.
- Overstay Cash Defender is a feature that ensures you to still receive your monthly rental even if the tenant stops paying the rent while still occupying the house.
- Inconvenience benefit coverage is upgradeable upon request.
- Click here for the SPEEDHOME Product Disclosure Sheet.
Who will pay for the Landlord Rental Protection Plan? / How does the payment work for landlords with SPEEDHOME’s short-term rental?
Below is what you have to pay as the landlord:
For example, if the rental period is 12 months, 100% of the Landlord Rental Protection Plan cost will be paid by the landlord.
Another would be if the rental period is 9 – 11 months, 25% of the Landlord Rental Protection Plan cost will be paid by the tenant with a surcharge.
If the rental period is 3 – 5 months, the tenant will pay 75% of the Landlord Rental Protection Plan cost. However, if you (the landlord) choose to upgrade the Landlord Rental Protection Plan from basic to any other package, the tenant will not bear the upgrade amount. The additional amount from the upgrade will be borne by you.
For instance, your tenant’s rental is RM1000, the rental period is 3-5 months, and the Landlord Rental Protection Plan you purchased was basic. If you choose to upgrade your Landlord Rental Protection Plan to extended after the tenant has signed the agreement, your tenant will only pay RM750 (75% of the cost) + RM1000 in rental, 6% SST and Speedsign fee.
NOTE: Landlord Rental Protection Plan coverage will only be provided for landlords who have completed transactions with SPEEDHOME (rental ranging from RM500 – RM5000 for home).
How much time does the claim take?
The time is taken for you to get your claim varies.
You have 2 weeks after the end date of the tenancy agreement to claim any of the above. After 2 weeks. requests will not be entertained.
Any consequential loss or damage of any kind will not be covered. They are only covered should the losses/damages be caused by your tenant. See here for more info.
How much does tenancy renewal cost?
The tenancy renewal cost is fixed at a cost of RM199 + 6% SST as Speedsign fee and will be paid by the tenant.
Who pays for the Speedsign fee?
The tenant pays for the Speedsign fee when it is renewed.
