By KEILE CAMPBELL

Tribune Staff Reporter

kcampbell@tribunemedia.net

HOUSING Minister Keith Bell said the government is reviewing the Rent Control Act in response to skyrocketing rental prices and growing concerns over affordability for Bahamian families.

“We have to look at the Rent Control Act to determine what provisions we need to amend and how they’re going to adjust it,” he said in the House of Assembly yesterday, acknowledging that inflation and rising costs for construction, maintenance, and insurance have driven rents to unprecedented levels. 

The Rent Control Act governs how much rent may be charged for certain dwelling-houses whose value does not exceed a specified threshold.

Two-bedroom apartments that once rented for $500 now range between $1,500 and $2,000, according to Mr Bell.

While addressing rental affordability, Mr Bell also responded to the International Monetary Fund (IMF) report highlighting the housing crisis in The Bahamas. 

The IMF highlighted stagnant wages and surging real estate prices, with rents rising by 14 percent between 2012 and 2022 while average wages increased by only 2 percent, disproportionately affecting low-income households.

Mr Bell described the report as a “reality check” rather than a critique of the government’s efforts. 

“No country can ever fully meet the housing demands of its population, particularly for the working and lower classes,” Mr Bell said. “Our aim is to do the best we can with the resources we have, and we’re taking bold steps to address the challenge.”

As part of these efforts, Mr Bell highlighted the launch of a rent-to-own initiative to transition low-income families into homeownership. 

The programme allows renters to make payments over two years, with those payments contributing toward a down payment on their home. 

“For example, there’s a lady I met a few months ago who has five children, now on minimum wage,” he said. “It is almost an impossibility for her to qualify for a home. She will be a recipient of one of the rent-to-own homes that we are constructing right now.”

He said the programme has already placed participants in homes in Abaco and will soon expand to New Providence.

Mr Bell also called on Bahamians to exercise greater financial discipline, citing consumer debt as a key barrier to homeownership. 

“I believe that a significant part of the population [is] heavily indebted with consumer debt,” he said, linking the issue to rising housing costs and limited financial flexibility for families.