After legalizing Short-Term Rentals (STR) in Japan “Minpaku”, a new type of accommodation is allocated in the residential buildings. Main objectives: 1) Examine the general trends of STR in Tokyo and potential impacts on the rental market. 2) Assess the Sense of community inside buildings, and STR's effect on the social context. Results showed a possible impact on the long-term rental market. A Survey based on the introduced constructs: “The Sense of Community in closed micro-communities” and “Intangible Commons” showed that sense of community could be affected by STR's presence, building scale, apartments' arrangement, and the type of tenure.