Because renting a whole condominium/apartment is not something that happens in Penang? Most people who are willing to rent a place are those who 1. Cannot afford place in a short term. 2. People who move to work in Penang. Both of these cases are extremely low. Hence, lesser people would want to rent under 1 year contract.

Simple logic.

To answer TS. I have a friend who has an Airbnb in KL. The money is quite good but high risk as 1 bad tenant can ruin the entire house. There are many cases where people use the house for partying etc.

So if you want some income then need to choose the tenant properly based on review. Do not rent to people with no reviews.