July 23, 2017

Airbnb is flourishing in Malaysia

Stock Photo - Waving flag with Airbnb logo. Editorial 3D rendering
Copyright: moovstock / 123RF Stock Photo

BUSINESSMAN Gary Wong has a 3-bedroom serviced apartment near the Petronas Twin Towers in Kuala Lumpur, which he has not been able to rent out for the past five months. His solution — placing the property on Airbnb for short-term stays.

Located directly behind The Intermark in Jalan Tun Razak, Wong’s MyHabitat apartment used to be rented out for RM6,000 a month. “I don’t know where all the tenants have gone,” he says, adding that potential renters are willing to pay only RM4,000 a month. “I plan to place my apartment on Airbnb,” he tells The Edge. Wong says he is keen to attend courses provided by Airbnb hosts in Malaysia to learn more about how it works.

It would not be surprising if many others are in the same situation as Wong, as Kuala Lumpur City Centre properties continue to see downward pressure on rents. Listing on Airbnb could provide an alternative income source.

Data from market analytics firm Airdna indicate that the average daily rate (ADR) for a 3-bedroom apartment close to KLCC was as high as US$182 (about RM790) from April 2016 to March this year. Airdna has also estimated that the annual revenue (April 2016 to May 2017) […]

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