Sumitomo bans AirBnb-type rentals in new condominium
According to the Nikkei Shimbun, property developer Sumitomo Realty & Development has taken an unusual step by adding a clause to the management bylaws of a new condominium that outright bans any short-term letting by individual apartment owners.
This is in response to a growing number of complaints from buyers after moving into a building and finding that a number of units, even the guest suites usually reserved for residents and their guests, were being illegally rented out by investors as overnight accommodation to tourists.Read more