Our Singapore Conversation Dialogue (OSC) floated the idea of subletting HDB flats (among other suggestions) as a way for seniors to free up cash during their golden years.
Through my work with PandaBed.com, I regularly interact with seniors who practice long-term and short-term subletting of their homes as a way to earn an income on their most valuable but illiquid asset. I can attest that many private-property-owning senior citizens in Singapore, Malaysia, and Thailand are using this method to successfully pay their bills and stay current. Recently, a homestay operator in his 70's commented "...meeting guests from around the world is my only connection with what's happening on the outside world these days..."
Currently, HDB forbids the short-term subletting of homes. In my humble opinion, the Housing Board should consider short-term subletting as a compliment to long-term subletting as a way for seniors to pay the bills and lead more socially active lives. The benefit of short-term subletting versus long-term is that it also seniors the flexibility to keep their rooms vacant for personal commitments like family visits, grand children stay overs and festive seasons where long term subletting causes inconveniences. Apart from the flexibility, homestay or bed & breakfast operators enjoy high job-satisfaction because of the ability to earn a decent income while remaining close to family and home. The home-based nature of this business also allows less mobile seniors to still operate a respectable business with dignity intact.
The other side of the equation are the independent travelling guests, who enjoy this type of accommodation because of the $ savings, local experience and often good location of the properties. From what I can see, the homeowners and guest want this arrangement to be legalized for reasons mentioned above. Of course, not everyone supports the idea although it is good for cash-strapped seniors and travellers on a budget. In the case of legalizing short-term sublets, it is pretty obvious the average Singapore stands to gain.
James Chua
CEO and Co-Founder of PandaBed.com
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