Rental fees being charged by Exuma landlords are "exorbitant", a government minister has acknowledged, with many island residents complaining that the economic "boom" due to the influx of luxury resorts has significantly driven up the cost of living. An employee at the Grand Isles Resort & Spa in Exuma told The Tribune: "Since they [investors] brought foreign workers over here, prices have been going up on everything."The employee explained to The Tribune that while he was making a decent salary, the sky high cost of renting an apartment eats away at his pay cheque. He explained that the rental fee for a one-bedroom apartment in the area near the hotel where he works can range anywhere from $1,000 - $1,500 dollars a month.Another employee informed The Tribune that prices on breadbasket items were rapidly rising as well.

Sidney Collie, minister of lands and local government. told The Tribune that he was aware of the "exorbitant" rental fees in Exuma, but added that under the Rent Control Act the Government has no jurisdiction over the prices landlords charge."I empathise with the consumers there, but that is what happens in [booming] towns. Prices go up along with everything else," he said in an interview on Tuesday."Unless [the apartments] / are between $20 and $50 a week, very low rental units, they are not governed by the Rent Control Act. l am aware that the cost of rental in Exuma is exorbitant, and that is because of the prosperity that Exuma is experiencing, so the landlords, the persons in charge of property and property development, obviously are trying to get as much money as they can get."

Mr Collie added that it was an issue of "supply and demand", and that landlords would continue to hike prices as long as the public was willing to pay them. "The merchant class is trying to make as much money as they can. We can't price control everything. The law has only certain breadbasket items and fuels which are price controlled. But the high cost of fuel in Exuma reflects the high cost of fuel everywhere," Mr Collie said.

He maintained, however, that his Ministry was not aware of any breaches in Exuma relating to the price controls on breadbasket items or fuel. He told The Tribune that there was a consumer affairs representative in Exuma who was "constantly monitoring" the situation.

In an interview over th weekend, the Exuma Chamber of Commerce president, Reginald Smith, said: "Well, yes, the cost of living is going to rise because the products that we are putting in are high-end products." He argued that businesses have the perception that because of the numerous luxury developments on Exuma, they can demand top dollar on land prices, apartment units and merchandise.

"In terms of food stuffs and importations there's some [price] controls. I think government can come and help us out with this, but for the most part we are going to have to be our own best critic. We're' going to have to get out there and tell [merchants] 'No we're not going to pay that price." Mr Smith said.

He added that Bahamians needed to become more proactive and stand up to overpricing. Mr Smith predicted that in time. the cost of living in Exuma would stabilise. as suppliers realised that the public was not able to keep up with the high prices. "I think as reality sets in, we are going to see those prices come down," he added.

Source: The Tribune