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Nickisha Ebanks
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Shanica Narine
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Colleen Brummer
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Angeline Jones
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Damien Fauie
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Charles Ebanks
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Marvin Hurlstone
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Genell Webb
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Rich Ellison
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Donald Moore
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By Kevin Shereves
kevin@caymannetnews.com
Cayman Net News took to the streets to find out what readers think about commercial and residential rental prices in the Cayman Islands. Are they too high, and if they were reduced, would it help to stimulate the economy?
Nickisha Ebanks
I do think that rental rates are too high and I believe that they should be lowered. In some cases you can find five or six people sharing one room because rents are so high. If rents are lowered, more rooms will be rented. A lower vacancy rate would be better for the economy. There are many young people and graduates who would love to start a small business, but the rates are too high. I think that there needs to be a solution. Perhaps we can start talking about rent control in the Cayman Islands, especially for low income workers. Children and families would benefit.
I do think that rental rates are too high and I believe that they should be lowered. In some cases you can find five or six people sharing one room because rents are so high. If rents are lowered, more rooms will be rented. A lower vacancy rate would be better for the economy. There are many young people and graduates who would love to start a small business, but the rates are too high. I think that there needs to be a solution. Perhaps we can start talking about rent control in the Cayman Islands, especially for low income workers. Children and families would benefit.
Shanica Narine
I think that rents should be decreased because they are very high. The cost of living here in the Cayman Islands is extremely high and salaries are not going up. In order for many people to make ends meet, it is very important for rents to be affordable. There are not enough high- paying jobs on the market right now and people are having difficulty meeting their expenses. If landlords consider lowering their rents, they will generate more income and this will help to stimulate the economy. It will also allow families to keep more money in their pockets, which is what is needed during these very difficult times.
Colleen Brummer
After Hurricane Ivan there were so many new condominiums built and I wondered how they would get occupied. From a commercial standpoint, I notice that there are a lot of vacancies as people move from one location to the next in search of the most ideal space. It seems like a renters market out there right now and it is perhaps in the landlord’s interest to negotiate a lower rent than to have their properties sitting empty. I would think that given the current economic market that rents would be coming down. Let’s keep in mind however that as rents are reduced, the landlord will still have expenses to pay.
Angeline Jones
Yes, I think that rents are too high and they should be lowered. One small room costs $500 plus utility bills. At times you need your privacy, but because the rent is so expensive, you have to share. I think that landlords should use their discretion. Often times domestic workers are underpaid and do housework. They are important to the community as they look after children and the elderly and take care of the housework. They are very important to the community, but yet because of the high rents and cost of living, they cannot meet their financial obligations.
Damien Fauie
Rent is way too high, especially when you consider the extra cost of living such as food and entertainment. The quality of life is very expensive here in the Cayman Islands compared to the salaries. It becomes very difficult for many people when they are faced with the cost of high rents and other additional monthly costs. Things are getting tighter and tighter. I would like to see a reduction in rents. In fact, I was very shocked when I arrived to see how high the rents were. It is difficult when such a high percentage of your income is being paid out in rent. I agree everyone needs a roof over his or her head, but you have to change the way you live your life. People have to budget now more than ever before and try and save a little for a rainy day.
Rent is way too high, especially when you consider the extra cost of living such as food and entertainment. The quality of life is very expensive here in the Cayman Islands compared to the salaries. It becomes very difficult for many people when they are faced with the cost of high rents and other additional monthly costs. Things are getting tighter and tighter. I would like to see a reduction in rents. In fact, I was very shocked when I arrived to see how high the rents were. It is difficult when such a high percentage of your income is being paid out in rent. I agree everyone needs a roof over his or her head, but you have to change the way you live your life. People have to budget now more than ever before and try and save a little for a rainy day.
Charles Ebanks
I think that it would help a lot of people both commercially and residentially, if rents were reduced. It will help tenants and the economy on a whole. The difficulty lies in the fact that if rents are too high, people might start looking for another jurisdiction in which to live and work. Lower rents will attract more tenants and this will, of course, stimulate the economy. I also think that an increase in stayover tourism will also create a positive effect on the economy. I believe that the new cruise berthing facility will also help to stimulate the economy.
Marvin Hurlstone
Over the course of the last year or so, I have noticed that rents have gone down. I have personally seen apartments that used to cost $2000 each month now renting for $1600.00 per month. I think that there is always room for negotiations when you are looking to rent residentially or commercially. This is a very good time and there are a lot of deals out there that people can now take advantage of. I think that more local investment will help to stimulate the economy.
Genell Webb
Commercial rents are very high and I would love to see them reduced. Many people are not able to make enough to cover their overhead and they have to in turn take money out of their own savings in order to keep their business going. Some landlords are charging rents that are just ridiculous. I would like to see something done about the high commercial and retail rentals. It would be good for the economy if those struggling businesses were given a chance to prosper.
Rich Ellison
I think that it would help to stimulate the economy. Interest rates have gone down but there are other costs to keep in mind, such as insurance. There are many new condominium developments that are now available on the market but not enough people to occupy them. Hopefully, we are at the bottom of the economic cycle and things will start to pick up again.
Donald Moore
I think that rents are high and I think that they could be lower. This would help to stimulate the economy. We need to learn to live with each other and help our neighbor just like the good book says. If we do that, no one will be in need. There is an example to here to be learned. We can all live in one accord if we have Christ in our lives. He needs to be in our hearts, but unfortunately it is often the almighty dollar that gets in the way.
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