Bermuda to Prioritize Renting Properties to Locals Over Tourists

The Bermuda government is planning to reform tenancy laws to encourage landlords to rent their properties to Bermudians rather than tourists. Jason Hayward, the Minister of Economy and Labour, announced that there needs to be a change in the mindset of landlords to make it more advantageous for them to provide affordable housing to residents instead of vacation homes to visitors.

Hayward stated, "There needs to be a change in the mindset of landlords to make it more advantageous for them to provide affordable housing to residents instead of vacation homes to visitors." The government recognizes the shortage of both affordable housing and vacation units, and aims to regulate the rental sector to prevent a proliferation of vacation rentals that could erode the affordable housing stock.

While the government has not yet introduced restrictions on vacation homes, Hayward expressed a preference for Bermudian families residing in properties over temporary tourist stays. "The government recognizes the shortage of both affordable housing and vacation units, and aims to regulate the rental sector to prevent a proliferation of vacation rentals that could erode the affordable housing stock," he said.

Why this matters: The proposed tenancy law changes in Bermuda highlight the ongoing challenge of balancing the needs of local residents with the economic benefits of tourism. The government's efforts to prioritize affordable housing for Bermudians over vacation rentals for tourists could have significant implications for both the housing market and the tourism industry in the country.

The government has also introduced a tax on vacation properties and is looking to reform the Landlord Tenant Act to increase the rights of both tenants and landlords, in an effort to encourage more landlords to rent to Bermudians. Hayward emphasized that the government's goal is to ensure that Bermudian families have access to affordable housing while also supporting the tourism industry.

Key Takeaways

• Bermuda plans to reform tenancy laws to prioritize affordable housing over vacation rentals.
• Government aims to change landlords' mindset to make it more advantageous to rent to residents.
• Proposed changes aim to prevent a proliferation of vacation rentals that erode affordable housing.
• Bermuda introduces a tax on vacation properties and reforms the Landlord Tenant Act.
• Goal is to ensure Bermudian families have access to affordable housing while supporting tourism.