From 10 April 2020 owners corporations are now able to adopt by-laws limiting short term rental accommodation in their strata scheme.
These by-laws can prevent owners using their strata lot for short term rental accommodation, such as through Airbnb or Stayz, provided that lot is not the owner's principal place of residence. If a lot is a principal place of residence, that owner will still be able to let it out on a short term basis.
If an owners corporation wishes to restrict short term rental accommodation in its strata scheme, it will be necessary for the owners corporation to pass a special resolution to change its by-laws. For a special resolution to pass requires 75% of the votes at a general meeting.
Given the requirement for a majority of votes, if you do use an investment property for short term rental, it will be important that you keep appraised of proposed by-law changes and to actively participate in meetings of the owners corporation.
If you live in a primarily owner-occupied building with a few problem short-term rentals, this is an opportunity to revise your by-laws.
We can assist with template wording for by-laws or with advice on your rights in relation to any proposed by-laws. Contact us on (02) 4288 0150.