By EARYEL BOWLEG

Tribune Staff Reporter

ebowleg@tribunemedia.net

RENT control legislation is unlikely to reach Parliament before the next general election, Prime Minister Philip “Brave” Davis said yesterday, signalling that one of the government’s most closely watched housing pledges may slip beyond its current term.

Mr Davis said the government is still examining how to make rents more reasonable, but cautioned that formal legislation may not come in time.

“I don't think you'll see any legislation in respect to rental and the costs of rental coming before the election, but we are looking into how we can ensure that rentals are reasonable to persons who want to rent homes,” he told repoters, adding that the central challenge is that rental agreements are private contracts between landlords and tenants, limiting the state’s room to intervene directly in pricing.

“All we can do is set and regulate in a way that we assure that what is being rented, for example, is fit for rental, regulating the context that the value of the home is commensurate to what the rent might be,” Mr Davis said. “Those are some things we might be able to do.”

His comments come as housing affordability has become a pressing concern, with families squeezed by rising rents and modest wage growth. An International Monetary Fund report found that rents in The Bahamas increased by 14 percent between 2012 and 2022, while average wages rose by just two percent over the same period.

Mr Davis also pointed to the rapid growth of short-term vacation rentals as a factor driving up long-term housing costs.

“They're letting their homes to visitors,” he said. “We don't have enough hotel rooms. We're working on developing more hotel rooms to ensure that Airbnb, yes, they could flourish, but not flourish to the detriment of the local residents who would wish to be renting.”

The government has previously indicated that tenancy reform was a priority before the end of its term. In June, Housing Minister Keith Bell said draft legislation was being prepared that “would strike the delicate balance” between landlords' and tenants’ rights.

Yesterday, Mr Bell said the issue remains both topical and controversial. He said the government has met with the Law Reform Commission and is working closely with Economic Affairs Minister Michael Halkitis, who has responsibility for the area, to bring the legislation forward.

He said tenants often negotiate from a weaker position in a tight rental market.

“Tenants are in an inferior bargaining position, and while they are open to some level of compromise in terms of wanting to move into a premise, we want to ensure that the premise remains tenable, the rent remains affordable, and the place remains in a state where anyone fit for human habitation,” he said.

Mr Bell said landlords have so far been receptive to discussions. He added that consultations with landlords and the wider community will take place before any bill is tabled in Parliament.