The Holiday and Christmas season is upon us and I would extend to all our tenants and owners all the very best.

It is not been very easy to watch the decline of the rental market in the country, knowing how well rentals have done over the years.  However, as you make your way around the island each week you will notice the number of FOR RENT signs that have been put up on fences, light poles, tree trunks, and in places we never saw them before.  These properties were the hot listings in great locations and almost never had an issue securing a new tenant when the unit became available for rent, until now.

The rental market outlook does not show any signs of bouncing back very quickly and in some sectors rates are continuing to drop in an all out effort by landlords and their agents to confirm a long-term tenant and quickly.

There are many properties that are attempting to earn a high rate because of their location, but some of these same properties are showcasing with dated furniture, fixtures, fittings they are simply being passed over by the prospective tenant.  Reason for this is that newer units on the market are being rented for similar or lower rates with more amenities and modern furnishings and appliances.  This is causing landlords who fail to upgrade their rentals to bear the cost of months and months of  being unoccupied.  In one particular case a unit in South Sound a location very popular with long-term renters has been sitting on the market for over six months. 

Security is also another pressing issue with rental property complexes these days.  The rise in crime on the island is now forcing landlords to install additional lighting, security locks, monitored alarm systems, security guards, clearing of hedges around the parking lots and footpaths from over grown trees and shrubs.  However a very good idea is for landlords or strata's to request additional security lighting from CUC for CI$40 per month they will install a 100watt security light.  This is a very inexpensive security measure to take for the protection of Tenants.

Lastly, I would highly recommend that purchasing a rental investment property at this time is a very good idea.  There are some really great deals on the market and as soon as the market bounces back you would have your new investment rental property that has already earned you a savings on the purchase price.  So  do not rule out the fact that making a purchase now is not a good idea, as a matter of fact I encourage you to buy now, we are in ‘renters' and ‘buyers' market and deals can be made with successful closings.

Happy Holidays to everyone, and may God bless you and your families this Christmas.