A coastal estate agent has doubled the rental on a coastal home which was snapped up by overseas visitors. The sheer audacity of this estate agent’s move has attracted disgruntled local residents who feel this rental income threatens local tenants.
One social media? troll said she believes there should be a law against this.
What’s your view?
What do you think?
The owner of a property is free to charge what they like. The estate agent is really the intermediary or salesperson who acts on behalf of the property owner. The economic justification in this case is that the owner being fortunate to rent a property is going to benefit from double income.
We don’t know the circumstances of the property owner. Perhaps he or she requires the money for a family member in need.
A contrarian view will put it that such high rentals smack of price gouging. The locals are threatened because when they look for properties at half the value and live in let’s say semi-luxury, it becomes unaffordable for them.
I don’t know the correct answer. I think there’s some truth on both sides. In addition, it depends on whether you are the lessor or lessee.
Each will have a different viewpoint.
People who want to live in a free market economy need to realize that pricing of certain goods and services is a private matter between the property owner and the person who wants to rent the property.
When it comes to very large companies or giant corporations and national retail chains charging what you like is going to be difficult. One, because there’s always a cheaper product and consumers can buy from whom they want. Two, for organized business there is a competition commission.
Whatever you think of the competition commission, it does try to ensure that competition is vigorous and fair. However, with certain commodities such as data prices, it made a noise some time back. But data prices are still so expensive that a much deeper look at this is required.
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