Short-Term Rental Investment
Penang Airbnb income guide
Real data from the Penang Airbnb market, an income calculator, and the projects that actually work for short-term rental in 2026.
Penang Airbnb market in numbers
Source: AirROI 2026 data for Georgetown. These are platform averages, not promotional projections.
Georgetown
3,678 active listings (+79% YoY)
RM 410 avg nightly rate
33% avg occupancy
RM 40,000 avg annual revenue
Other areas
No comparable public data for Batu Ferringhi, Gurney Drive, Tanjung Tokong or Bayan Lepas. Most homes there are residential condominiums, which can't be licensed for short stays under Penang's Private Homestay By-Law 2026.
Penang Airbnb income calculator
Uses Georgetown's AirROI 2026 averages as the baseline. Adjust the inputs to model your specific scenario.
Only Georgetown has reliable public short-stay data. Short stays need a licensable property (serviced apartment, SoHo) under Penang's 2026 homestay by-law.
Monthly Income Estimate
| Metric | Conservative | Average | Optimised |
|---|---|---|---|
| Occupancy | 25% | 33% | 45% |
| Avg nightly (RM) | 350 | 410 | 480 |
| Gross monthly | RM 2,625 | RM 4,059 | RM 6,480 |
| — Platform fees (3%) | -79 | -122 | -194 |
| — Management | -0 | -0 | -0 |
| — Operator shared costs (20%) ⓘ | -525 | -812 | -1296 |
| — Strata / maintenance | -400 | -400 | -400 |
| — TNB / utilities | -300 | -300 | -300 |
| Net monthly | RM 1,321 | RM 2,425 | RM 4,290 |
| Annual net | RM 15,855 | RM 29,105 | RM 51,475 |
| Net yield on purchase | 2.6% | 4.9% | 8.6% |
For comparison — Long-Term Rental (LTR)
LTR monthly net: RM 1,700 · Annual net: RM 20,400 · Yield: 3.4%
STR (average scenario) earns RM 8,705 more per year than LTR in this configuration.
Estimates based on AirROI 2026 Penang market data. Actual results vary by unit, listing quality, and management.
How this calculator works
Included: platform fee (3%), property manager fee, operator shared costs (insurance, wifi, consumables), strata/maintenance, and TNB.
Not included: income tax (foreign owners are generally subject to 30% non-resident withholding on Malaysian rental income — plan for it), and furnishing capex/depreciation. Figures are pre-tax and pre-capex for clarity.
Airbnb-suitable Penang projects
These are licensable property types under the 2026 by-law (serviced apartments, SoHo and suites). Each still needs a 75% management-body vote and a council licence, so verify both before transacting.
Georgetown
G'Vinton
Commercial · Freehold
Studio and 1-bed units in George Town, Penang's strongest short-stay market. Commercial title makes it a licensable type, subject to the 75% vote.
Tanjung Tokong
Crown Penang
Commercial · Freehold
Commercial-title serviced apartment in Straits Quay corridor. Marina + Gurney access, walkable expat catchment — mid-range ADR with steady leisure and long-weekend demand.
Gelugor
Keeperz Suites
Commercial · Freehold
Exsim commercial suites at The Light Waterfront. Compact studio/1-bed footprint keeps the entry price lower; demand comes from business and leisure visitors.
Gelugor
STARK Tower
Commercial · Freehold
Compact serviced suites at The Light Waterfront. Entry from about RM700,000, below the RM1M foreign-buyer minimum, so it suits Malaysian and MM2H buyers.
Karpal Singh Drive
Maritime Signature
Commercial · Leasehold
Karpal Singh Drive SoHo with Jelutong / George Town demand. Sea-facing stacks should command higher nightly rates.
Macalister Road
22 Macalisterz
Commercial · Freehold · Subsale
Central Macalister Road commercial subsale — walkable to Pulau Tikus and Gurney, strong short-stay demand from medical tourism at Gleneagles / Loh Guan Lye. Compact units keep entry cost realistic.
Macalister Road
Tropicana 218 Macalister
Commercial · Freehold · Subsale
Tropicana Corporation serviced suites on Macalister Road, completed 2018, next to a Courtyard by Marriott. Confirm the building's licence position before buying for short stays.
What They Don't Tell You About Penang STR
Regulation risk
MBPP has discussed STR licensing. Low risk currently, but monitor. Commercial-title properties carry lower risk than residential.
The 33% occupancy trap
Market average is 33%. A badly-run listing hits 20%. A well-run premium listing hits 55%+. The property is not the product — the listing is the product.
Utilities during vacancy
Even in an empty month you keep paying TNB standing charges, water, and any Wifi/streaming your listing promises. Budget around RM300/month averaged across the year.
Void months
May and September are soft. Budget for them. Annual yield calculations must account for low-season weeks.
Management company cut
15–20% of revenue if you use a specialist STR management agency. Hotel-brand serviced-residence programmes (Marriott Residences and similar) can take 30%. Worth it for hands-free operation; kills yield on thin-margin projects.
Penang STR FAQ
Is Airbnb / STR legal in Penang?
It is licensed now. Penang's Private Homestay (Penang Local Authorities) By-Law 2026 took effect on 1 August 2026, with enforcement from 1 November: every short-term rental needs a council licence. On Penang Island ordinary residential condominiums and apartments cannot be licensed at all; serviced apartments, SoHo and suite offices can, but only after the management body passes a special resolution with at least 75% of valid votes. On the mainland condominiums and apartments can also be licensed, with the same vote. Always confirm the building's resolution and licence position before you commit.
What is the average Airbnb income in Georgetown Penang?
AirROI 2026 data shows 3,678 active listings in Georgetown with average nightly rate ~RM410, average occupancy 33%, average annual revenue ~RM40,000 (≈RM3,333/month). Those are platform averages, not a forecast for any one unit.
Which Penang projects are Airbnb-suitable?
On the island, only licensable property types qualify: serviced apartments, SoHo and suites, such as G'Vinton (George Town), Crown Penang (Tanjung Tokong), Keeperz Suites and STARK Tower (Gelugor) and Maritime Signature (Jelutong). Each still needs a 75% management-body vote and a council licence; for buildings still under construction that vote can only happen after handover.
What is the STR yield in Penang vs long-term rental?
Long-term rental on Penang Island condos runs about 3–4.5% gross on 2026 asking rents. A licensed short-term unit can earn more in a strong location, but income swings with occupancy and management costs run 15–25% of revenue, so use the calculator with your own nightly rate and occupancy rather than a headline yield.
Are foreigners allowed to operate STR in Penang?
Yes. Foreign owners follow the same licensing rules as Malaysian owners: a licensable property type, a 75% management-body vote and a council licence. Most foreign owners use professional STR management agencies to handle day-to-day operations.