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By Aabigayle McIntosh
The Prices and Consumer Affairs Division is making inroads in the process of revising the decades-old Rent Restriction Act.
Director Orrin Steel said the bill could be completed by next month, and by then, “It will be submitted to Parliament; they will have to, after they do, and they have to do some public consultations as well.”
The current laws date back to 1969, and according to Steele, do not address several issues affecting the rental market today.
This includes the introduction of weekly rental agreements.
“How do you apply something that says, okay, I’m paying from week to week, and you’re telling somebody you have to give them 30 days’ notice because the landlord, they were saying that they don’t have to give 30 days because we are offering a week to week. It should be a week; the law doesn’t cover that. So, they want to give a week’s notice as well,” Steel said.
Due to the lack of updated regulations, many tenants are faced with problematic contracts.
Last October, the Cabinet approved an update to the outdated Rent Restriction Act from 1947. This move was in response to concerns from residents about rent rates and rent collection challenges.
The government said then it was seeking to establish fairness and efficiency in the rental sector, emphasizing the need for regulation despite the free market economy. Consequently, they will also establish a Rent Restriction Board.”