Copyright smh
Australians are quitting their day jobs to become full-time Airbnb landlords without owning a single property, in a subletting scheme critics say is putting strain on an already dire Sydney rental market. As Sydney grapples with a housing crisis – where the median asking rent on a unit is a record $750 a week and the vacancy rate is just 0.9 per cent – an emerging short-term rental arbitrage business is booming, fuelled by TikTok hustle culture. Jordan Pham claims to make $217,000 a month as an Airbnb host with 40 properties, all owned by other people. He “mentors” others on how to do the same, including in Sydney, where it’s possible to sublease properties available on the long-term market as short-term rentals with no real estate licence needed. Hosts will search online for suitable apartments, usually in inner-city suburbs or near major business hubs and universities. Then it’s just a matter of securing the rental, furnishing it, and listing it on a short-term rental platform for a much higher rate.
