NATION

Call For One Standard To Determine Rents

Mr Prasad is the owner of Basil’s Leisure Home. He said there should be a regulation to determine and monitor rent.
16 Jul 2019 15:04
Call For One Standard To Determine Rents

There should be one standard to determine rents, a landlord and real estate agent Basil Prasad says.

He was reacting to complaints that in some residential areas in Suva the rents were too high, beyond the reach of university students and ordinary people.

He said the standard should include the value of a property and the location.

Mr Prasad has been in the industry for the past 20 years.

Mr Prasad is the owner of Basil’s Leisure Home. He said there should be a regulation to determine and monitor rent.

“People are determining prices for rent by comparing it to other houses in a given locality, but that is not an accurate measure,” he said.

“There has to be a ruler to measure the value of a residential or commercial location based on the price per square meter.

“This ruler will determine the value of a flat on rent in Rewa Street compared to another one in the Nakasi area.”

He said now a two-bedroom house in the Narere-Nakasi area could cost around $800 to rent even though it is not located within the central business district.

“When people who own properties in the CBD area see that houses in Narere and Nakasi are rented at $700-$800, they raise the price of their own flats,” he said.

“That is how a flat which was being rented at $800 in Rewa Street a couple of years ago, is now going at $1,500.”

Mr Prasad said people were just picking up the trend without actually gauging the value of a property that was up for rent.

“Now there is a drift towards the Nakasi side and it is driven by price,” he said.

“Locals are finding it difficult to afford homes in Suva.”

The Fijian Competition and Consumer Commision said it would issue a statement today.

Edited by Percy Kean

Feedbackneelam.prasad@fijisun.com.fj

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