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A shortage of rental properties is creating difficulties for prospective renters looking to rent in The West. There is a signifigant shortage of well maintained residential rental properties in Western, New Providence specifically in the $1,000 – $2,000 price range. The properties we do manage within this price range usually end up renting within days, as soon as one tenant moves out another is ready to move in and we have been seeing this trend for the last year or so.
One reason for the spike in demand is the recent opening of The Grand Hyatt at Baha Mar & The SLS and the increase in construction and new projects in The West has brought more renters to the market. We have seen a major influx of people looking to rent in the west, wanting to be close to their jobs and amenities. The demand is steadily growing and we do not have the inventory to meet those demands.
Developers do not seem to be interested in building residential rental communities to fill the need we are facing. Everything that is currently available in this area is either out of that price range or poorly maintained and rundown.
I am putting out a request to all developers, contractors and investors to invest in multi family lots in the west and to create residential rental communities to cater to this growing need. Love Estates is a great community to do this, there are multi family lots available and the area is surrounded by the amenities that renters are looking for. This is a great opportunity to build residential rental units in The west and see an ROI of 8 – 10%. The need is there and we are receiving about 8 -10+ requests a day for rentals in this price range and we cannot accommodate the requests because there is nothing available.
If you have rentals that meet these demands or you are an investor or developer who wants to take advantage of the current need for residential rentals in the west give Sheldon Pitt a call.
Sheldon Pitt
Sheldon Pitt242.544.7509
sheldon@www.bettermcrbahamas.com