Gov't urged to fast-track proposed rent-to-own housing policy

 

Stakeholders are urging the government to fast-track its proposed rent-to-own housing policy.

 

Earl Samuels, Assistant General Manager at the JN Group, says amid increasing real estate prices, inflation, and an uptick in mortgage rates, this could improve the prospect of homeownership for more Jamaican citizens. 

 

"In Jamaica, demand for housing is still greater than the supply, especially for houses at some price points. The real challenge is the affordability. We can provide houses to them with at least an established criteria and conditions of how they can live in the house, and over time, give them an option to purchase the home. The rent they pay over the years could be considered part payment for the house. This could be classified as a rent to own option," he suggested. 

 

Mr. Samuels said while most housing solutions seem to target the middle and upper end of the market, housing should not only be looked at as an investment to provide a financial return, but also an investment to provide a social return.  

 

He was responding to questions during a panel discussion at the 10th Biennial Jamaica Diaspora Conference at the Montego Bay Convention Centre in St. James.

 

In 2022, Prime Minister Andrew Holness announced that a rent-to-own programme would be coming to help Jamaicans get on the property ladder quicker.

 

However, no timeline has been provided.