Reasonable rental caps should be applicable to the private market sector.

As a result of the sale of Elbow Beach to Stephen King, who owns the Loren, the tenants of Fritholme Gardens were told late July/early August, that there would be rent increase of 30%-40% (depending on the unit) effective Oct 1.

Exorbitant rent increases such as this — during an ongoing housing crisis — only deepen the strain on residents and raise serious questions about the long-term viability of Bermuda as a place to live and do business. International business — a cornerstone of our economy — and the vast majority of Fritholme residents, will undoubtedly begin to question the logic of maintaining operations in a jurisdiction where basic housing is becoming unaffordable for employees. It is a double-edged sword, and one that risks backfiring if not approached with balance and foresight.

Essentially, most tenants felt bullied into agreeing. Those that had the time to find somewhere in the 2 month window, left. There has been no regard for long & short term paying tenants nor the current conditions of the development. The place is rampant with rodents. There is also the potential for hazardous materials in the vicinity when they tear down the hotel; a 30-40% hike for for the anticipated noise and dust, the lack of facilities at the beach, and the tennis courts, which are all neglected. It was pay up or get out in 2 months. They have already advised that the rent is going up again in Oct 2026.

So I do think that rent increases should be on a scale and once an increase is above a proposed %, (e.g. 10% increase) that the landlord should have to apply to have the increase approved, and the tenant can also have a voice.