Now your tenants can swap nights in your investment property with strangers around the world and this poses a potential nightmare for Property Managers and Landlords alike.
Have you heard of “home exchanges” where you can go on holiday and not pay for accommodation and involves the sharing of properties anywhere in the world?
Websites allowing tenants to sign up and swap properties are popping up everywhere. Your tenants could go on holidays anywhere in the world and not pay for accommodation because they have traded free nights with a stranger…this means at some stage that stranger will be staying in your rental property. Cosmopolit Home is a classic example of such a site.
The more “swaps” a tenant hosts the more nights they can stay somewhere overseas for free.
Where does this leave you as a Landlord? When a tenant can have their home lived in by someone else for as long as they like whilst they are overseas. It seems this practice is legal and at this point Property Managers and Landlords have no control over it occurring. Swapping a rental property on a temporary basis is considered a loan or like having visitors to stay for a few nights and is not considering to be subletting as there is no financial transaction involved.
What do you think? Would you as a property investor be happy with your tenants lending out your property to strangers? How would you envisage your agent would monitor such a thing?