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Business

Japanese venue-rental service to expand into home-sharing

Space Market sees an opportunity in annual cap on hosting

Space Market will let users rent out properties like this traditional house in Kyoto as meeting spaces as well as lodgings.

TOKYO -- Japan's Space Market will add Airbnb-style vacation rentals to its property-sharing platform, responding to legislation limiting lodging time by giving would-be hosts a wider range of rental options.

Legislation passed in June will permit short-term home rentals to travelers, a practice known as minpaku in Japan. Space Market will open preregistration for properties Tuesday, with the service to launch after the legislation takes effect next year. It expects to collect commissions from both hosts and guests, determining fees based on prices charged by rival platforms.

The minpaku legislation allows properties to be used as short-term accommodations for up to 180 days a year, raising concerns that hosting may not be worth the cost. Registering on Space Market will let operators offer properties by the hour for parties or meetings as well, ensuring they can be used year-round.

While Space Market already has a lodging section, just 200 or so properties are listed there now. The company aims to expand the list to at least 10,000 within a year after the home-sharing legislation goes into effect, looking to tap such properties as traditional houses that already offer hourly rentals on the platform.

(Nikkei)

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