TOKYO (REUTERS) - Japan's home-sharing listings have crossed the 1,000 mark, the nation's tourist agency said on Wednesday (June 13), ahead of a new law regulating the practice.
The count is 10 times higher from a month ago, but still lags 62,000 listings the market leader Airbnb Inc had by earlier this year.
Japan will enact the private temporary lodging, or"minpaku" law, on Friday. The law requires hosts to register with the government apart from imposing other rules and restrictions.
Japan has received 2,707 applications nationwide as of June 8, of which 1,134 were approved, according to the Japan Tourism Agency. As of May 11, the government had approved 152 of 724 applications.
The new law limits home-sharing to 180 days a year, a cap hosts say makes it difficult to turn a profit and leaves final decision-making to local governments, some of which have imposed even stricter rules to protect security.