Tenants are ones hurting

In regards to a soft rental market, a recent letter to the editor from Paul Aiken and Caymanians are hurting…thanks for the good laugh Paul that felt really good even though it’s been at my expense for the last four years.

Let’s get some facts straight as apparently our real estate gurus don’t understand basic investing (no news there).

When you choose real estate as an investment you shouldn’t expect to realize a 100 per cent return (unless you live in Cayman). So if the landlord puts less than 10 per cent down on the condo the tenant is expected to pay the mortgage, strata and all associated fees?

What rubbish.

So apparently a tenant’s first question to a prospective landlord is ‘how much do you owe on this place?’

Now in the rest of the world if you purchase a condo and hope to rent it out as an investment you’re doing really well if you’re getting say 75 per cent of your mortgage and hopefully in the long term real estate market you can sell it in 10 years and take advantage of a hopeful increase in market value.

Expats in Cayman have been subject to criminal abuse regarding rents.

Tenants are the ones hurting, and I don’t think you’ll find much sympathy for your silly comments that Cayman landlords are hurting. The criminal gouging that took place (and still does) after the hurricane was just that, criminal, and unfortunately everyone knows of horror gouging stories and I can only recount one case that actually went to court and the tenant won.

Let’s just say that particular landlord that lost in court is very, very wealthy.

So, in the end, yes rents have come down a bit but they are still incredibly high.

My personal rent went up CI$6,000 per year and that’s about average for everyone I know, so no I don’t think Caymanians are hurting; they just can’t do the maths.

But then again I wouldn’t trust anyone who puts their picture on a business card.

Joanna Scythes

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