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!

1. Landlord Rental Protection Plan is applicable for any unit rental from RM800 to RM5,000 only.
2. A 1.88% Processing Fee will be applied to Monthly Rental Collection.
3. 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.
4. 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.
5. Inconvenience benefit coverage is upgradeable upon request.
6. 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?

For landlords opting for SPEEDHOME’s short-term rental, the insurance payment is paid by the landlord initially. However, SPEEDHOME imposes a short-term rental surcharge (surcharge rates are illustrated in the table below) to the tenant’s monthly rental based on the tenancy period of the rental.

In short, the insurance cost is offset by the tenant’s monthly surcharge rental. For that, you get 1 year insurance protection for less or free. The unused remaining period of the insurance can be used for the subsequent tenancy for free!

Example:

• Original Rental Price: RM1,000
• Tenancy Period: 5 months
• Surcharge (Additional Income): RM250
• New Rental Price: RM1,250
• Insurance Base Calculation: Based on the original RM1,000 rental price.

Note: Short-term rental from 3 to 11 months comes with a surcharge. Refer to the table below to learn more about the surcharge amount:

How This Works:

Let’s say the landlord purchases the Protect Plan at a cost of RM1,090 and the rental price is RM1,000 per month for a 5-month tenancy. Below is a detailed breakdown of how the rental surcharge works and how the landlord recovers the insurance cost.

• Rental price: Rm1000
• Tenancy Period: 5 months
• Increase in Rental Price by 25% (Surcharge): RM250 each month (RM1250 Total surcharge for 5 months)
• Over the 5 months, the landlord gets RM1250 each month.
• Insurance Base Cost ( Based On Protect Plan): RM1090
• A total of RM1090 will be deducted from the landlord’s rental income (Excluding the Processing fee). In this scenario, the landlord would have recovered the insurance cost and RM250 extra rental income

For more detailed calculations, you can check out SPEEDHOME’s Landlord Insurance Calculator

Additional Benefits:

Unused Insurance Balance: Any unused and unexpired insurance coverage can be carried forward to the next tenant, provided the rental is for the same property unit.

Key Takeaways:

• Tenants will see an increased rental amount reflecting the added value of insurance coverage, benefiting both parties.
• The new rental structure not only ensures the landlord’s protection but also turns the insurance cost into a revenue stream through the rental surcharge.

For more detailed information on tenant fees, you can refer to SPEEDHOME’s Tenant FAQ under “How much do I have to pay for Zero Deposit?/Is there Zero Deposit for Room/Home Rental?“

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 RM299 + 8% 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.