More guest workers eyeing the rental market

Real estate agents are seeing increased activity in the rental market, which could mean an economic turnaround is on the cards.

Coldwell Banker Bermuda Realty’s three rental agents are all reporting positive signals. 

Agent Gail Arruda said that she has been noticing new personnel from international business arrive on the island to start establishing themselves when their employment begins later in the year. 

Likewise, Rebecca Vieira also mentioned that she has had a number of guest worker enquiries who are planning viewings of properties as they have recently arrived in Bermuda, and there are more scheduled in the coming months. 

Kenneth Richard said since January, there has been a significant amount of people, both locals and guest workers, who have been looking for new accommodations. 

A Coldwell Banker spokesperson said: “Though confidence has risen, tenants are still a bit nervous over job security, with most looking for yearly leases. In addition, rental prices, though still considerably lower than what they were five years ago, have slowed in their decline. 

“With most properties being listed at the current market value, a caveat for tenants looking at homes outside of their budget; may find themselves in an uncomfortable situation as they may discover very little room to negotiate on price. Tenants should be realistic with what they can comfortably afford though this still may be a renter’s market.”

The spokesperson added “With prices stabilizing it is still highly recommended to price within current market range in order to get your property rented in a reasonable timeframe. though a Realtor can only provide you with a suggested market range, ultimately the landlord will make the final decision on the pricing of their property for rental. 

“Positive indicators for market recovery create some optimism in the Bermuda economy. While we cannot predict exactly when substantive improvements will occur, it is safe to say that we are moving in the right direction. It remains vital that both tenants and landlords are realistic with today’s economic situation and reasonable with regards to pricing and affordability.”