Interview with IRG Senior Residential Associate, Samantha Payne
Q: Where have you seen rental successes in 2016 so far?
A: We have had a very busy first quarter of 2016 and still continue to see a high demand for rentals of all price ranges, sizes and locations. For most of January there was incredibly limited rental stock, which is something we have not seen for a few years. This is due to the population increase and increased confidence in the sales market leading to more properties selling and less being rented out. Modern and newer properties rent very quickly as well as anything ocean or canal front. Older properties or rentals that have not been maintained well and updated are being left on the market for a long time. We are always in need of high quality rental homes and condos! Q: Why is the rental market doing so well?
A: I am a Senior Sales Agent as well as a Rentals Agent so it has been clear to see the correlation between the two. The sales market is currently booming which means a lot of home owners are taking advantage of this and selling their homes and then renting whilst they decide on their next move. I have personally sold many properties this year and then found my Vendors high end rental properties to move into whilst we search for their new home to buy. Doing sales and rentals makes me a one stop shop for my clients which they find really efficient. Q: What rentals are people looking for in particular?
A: We are always looking for high quality family homes and condos to rent. We work with a lot of families, professionals and Ultra High Net-worth (UNHW) individuals relocating to Cayman, for example we have just reserved a Kimpton unit to a young UHNW moving here from Asia who needed a quality rental until the Seafire Kimpton units are completed. Now my colleague Trisha, who deals with Commercial is helping him with office space.
If you are thinking of renting your property out, anything that is old and/or overpriced will not rent. It is important to price it well and have it marketed professionally to find the right Tenants.
Q: What is the benefit of renting over buying?
A: Renting is a great way to get to know an area before you commit to buying, particularly if you are new to Cayman. Also, uncertainty can play a big part of living here. Some people move here and buy straight away and some wait a few years to see if they want to stay before deciding on the perfect area for them to buy in. If you are considering applying for PR then you will most probably need to buy a property here, we get a lot of expats buying through us for that reason.
If you would like to find out more about how to rent your property or are looking for a property to rent, get in touch with Samantha and chat to her about what you need.