Post by Freehold Resident on Oct 11, 2006 16:26:05 GMT -5
Freehold 'affecting housing charges'
By Emmanuelle Landais, Staff Reporter
Sophia Friend, who has been in the property management business for three years, said people cannot afford to live alone anymore opting for house shares to help break down housing costs.
"Rents are still increasing tremendously every year. Prices are going up everywhere. There isn't one particular area affected," said Friend. "The rents are increasing according to the market, and Freehold real estate is so high now that rental prices are following suit."
Buying spree
"Freehold is affecting the residential rental prices, definitely. Landlords are buying more expensive houses and renting them at higher rental prices, said Friend.
She said properties were being bought by non-residents who want to make money on their investment by renting the property. "It's like a second income," said Friend.
Marcelle Zaher, a real estate from a local realtor, said people were grouping together in homes to combat high rents.
"Unfortunately, once a property becomes vacant the general practice among landlords is to increase the rent for a new tenant to the current market rates. Of course, as supply starts to meet demand, rents will be more competitive," she said.
Shanze Fernandez from Trident Real Estate said illegal subletting was a major cause for high rental prices.
A sublet within a sublet is also one reason prices are going up so much," she said.
By Emmanuelle Landais, Staff Reporter
Sophia Friend, who has been in the property management business for three years, said people cannot afford to live alone anymore opting for house shares to help break down housing costs.
"Rents are still increasing tremendously every year. Prices are going up everywhere. There isn't one particular area affected," said Friend. "The rents are increasing according to the market, and Freehold real estate is so high now that rental prices are following suit."
Buying spree
"Freehold is affecting the residential rental prices, definitely. Landlords are buying more expensive houses and renting them at higher rental prices, said Friend.
She said properties were being bought by non-residents who want to make money on their investment by renting the property. "It's like a second income," said Friend.
Marcelle Zaher, a real estate from a local realtor, said people were grouping together in homes to combat high rents.
"Unfortunately, once a property becomes vacant the general practice among landlords is to increase the rent for a new tenant to the current market rates. Of course, as supply starts to meet demand, rents will be more competitive," she said.
Shanze Fernandez from Trident Real Estate said illegal subletting was a major cause for high rental prices.
A sublet within a sublet is also one reason prices are going up so much," she said.