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The Jersey Landlords’ Association is acutely aware of the cost-of-living pressures being faced by Jersey households and warmly welcomes the Government’s recently published mini-budget as an attempt to put money back into Islanders’ pockets together with their efforts to build more much-needed housing to take the heat out of the housing market.
Our members are also aware of the risks to the wider economy of creating a spiral of inflation driving rent increases which, in turn, leads to more inflation, but also that landlords are not immune to the effects of inflation either.
In particular, the costs of property maintenance, repair and renovation have spiralled over recent years and mortgage interest payments are steadily increasing for landlords and home-owners alike.
Many of our members (many of whom use their rented property as a pension) are already exercising restraint by not increasing rents this year or increasing rents by less than inflation, as are social housing providers.
Private landlords represent a significant part of Jersey’s housing market.
We would urge JLA members and all other private landlords to continue to exercise restraint when reviewing rents, if they are able (taking all tenant and landlord circumstances into account), during this hopefully temporary time of high inflation.
