Thursday, August 21, 2008

Highway robbery

I was just taking a peek at Bermuda's E-moo website at their apartment rentals section, and I have but one word...HIGHWAY ROBBERY! Well that's two words but hey, it's unbelievable. The price of a studio apartment in Bermuda is now USD $2,000/ mth. Who are these people kidding? I'd love for someone to make mention of that it's the expats that are driving up the rent prices in Bermuda because boy, I'd just redirect them to the greedy landlords. Half of the stuff they are passing off as new is not even nearly as good as what's available here in Cayman. Can we say highway robbery again?


bichonpawz said...

I agree with you! Highway Robbery Indeed!

Carol Simmons said...

Yes, it is highway robbery. However, I have to say it is a bit (a lot!) of greed AND the ability of categories of expats who can afford such high prices that have contributed to this problem - not to mention other reasons. I've had clients as well as family who have been approach with offers to refurbish or complete the building of homes and upfront rental payments that were well above the market value by some affluent expats. In many cases this would have shaved off a considerable number of years off mortgage payment schedules. Of course not every expat falls into this affluent category, but there remain some who can still afford the high rents - not to mention Bermudians who are also in a position to do so. It surely doesn't help the greed factor of some landlords when the cost of homes are so undeservedly high as well, resulting in astronomical mortgage payments or balances. Some of this is a bit "chicken and egg" and, surely, all of it is ridiculous...especially for those who can't afford or don't want to pay such exorbitant rents.

Anyhoo, glad I've happened upon your blog. said...

Thank you Ladies. And Carol, welcome!