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A Booming Rental World

EDITOR, The Tribune

Slowly people are realizing that the biggest economic betterment that has come about in the past 3-4 years is the “service tourist accommodation” the AirBnB service condo-house, etc.

Nassau alone AirBnB has some 2,300 units times 4-beds, means potential of accommodating 9,200.00…units renting from 90-150 plus or more for homes and especially upwards, when beach and swimming pool is included, that hits $2,000.00 plus a day. The beauty of this is Tax Free straight all the way into the bank. The renter pays VAT at source.

Do these create additional employment? Yes, a unit needs maid service at least every other day and at end of rental. Needs maintenance garden, pool, etc., and probably every 6-months a quick paint touch up.

Compare this to Baha Mar, Atlantis or any other hotel! Which puts most money in the hands of a Bahamian? Obviously the AirBnB property owner. Tourism might not admit it, but the boom in the islands, is directly from AirBnB and serviced property 100%.

Very healthy investment….families get together invest especially units in the islands, with airports bringing indirect flights from the USA.

R H ALBURY

Nassau

July 31, 2019

Comments

Dawes 5 months, 2 weeks ago

What happens if the AirBnB is owned by a foreigner? Or when homes are bought by wealthy Bahamains to make more money thereby putting the cost of a house higher making it less likely for a normal Bahamian to be able to afford. I like the idea of AirBnB but i don't think people look at all the good and bad that it brings and I am not sure it would be great to have thousands of homes in Nassau only being occupied by Tourists.

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ohdrap4 5 months, 2 weeks ago

It's not that profitable. Let's say you rent for 90 a Night.

You need to clean every time a guest leaves, And the maid does not work for free.

There are even costs in constant replacement of sheets, towels, pillows,etc...

So by the time you pay all your service providers and the bank, there is notmuch left.

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ThisIsOurs 5 months, 2 weeks ago

No one rents for 90 a night, maybe in the inner city... A few years ago I took a weekend vacation in nassau at a 2 room beach front facility that cost 500. Saturday overnight to Sunday. It was wonderful. Im willing to bet persons renting have factored in the maintenance into the rental fee. Now if you get some spring breakers who wreck the place, thats different. I also know of someone who tents another place for a little under 2000 for 5 days.

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DDK 5 months, 2 weeks ago

"The renter pays VAT at source."
EXACTLY HOW is the VAT collected and how does it get to The Public Treasury account?

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jus2cents 5 months, 2 weeks ago

I think R H Albury is correct! At the end of the day & dollar for dollar, it keeps more visitor money in Bahamians pockets. Ok so home prices 'may' go up, but that's still fine if there are more people making more money. Car rentals, maids, chefs, and the homes will be kept in better condition so plumbers, electricians, landscapers, security companies, painters, you think of anything to keep a house and the people living in it happy and they will make money. Plus the visitors go out to eat and still visit all the places regular tourists go to as well, so all the tour companies and attractions will also benefit, so will all the bar-tenders, waiters etc.

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