The Antiguan and Barbudan Cabinet has approved a program to update the laws related to rent in the country.
The current Rent Restriction Act, passed in 1947, does not reflect the current realities of renting in the country, and the government believes it is necessary to revise and modernize it.
Residents have expressed concerns about the rates being charged for rent by landlords and the difficulties that landlords face in collecting rent from delinquent tenants.
Therefore, the government aims to bring balance and fairness to the way rent is charged and improve mechanisms for landlords to collect rent.
The Cabinet has agreed that although Antigua and Barbuda operate in a free market economy, there is a need to regulate the rental sector to ensure fairness and equity.
As a result, the Cabinet has decided to immediately establish the Rent Restriction Board.
Furthermore, the Cabinet has also decided to create new parcels of land at Dunbars, which will be priced at $6 to $7 per square foot for residential purposes and $13 per square foot for commercial purposes.
These parcels will be sold to young professionals to empower them through land ownership.
The commercial rate for land in that area is approximately $15 per square foot.
The sale of these lands will be managed in a manner that ensures young Antiguans and Barbudans can obtain these parcels, while covenants will be put in place to prevent speculators and wealthy buyers from benefiting.