NEWS

2021 Bermuda Rental Trends

Mar 25, 2021 | Real Estate

Bermuda Rental Trends New legislation for non-Bermudians are affecting the leasing landscape in the island in different ways. Demand for luxury properties increased post shelter in place with the island appealing to many as a desirable place to live.

Coldwell Banker Bermuda Realty has seen great interest in high-end properties from prospective overseas buyers, the realtor said in its latest luxury homes newsletter.

And strong demand for luxury rental accommodation is outstripping supply.

Some 59 houses are on the market for $2 million-plus, Coldwell Banker reports, with the highest price property, on Grape Bay Drive, listed at $35 million.

Agent Heather Chilvers said: “In the $2 million-plus bracket just over one half of this inventory is available to International purchasers and we have seen a dramatic decrease in inventory due to buyer demand over the past three months or so.”

Angie Lodge, another Coldwell Banker agent, said eight of those properties were either in contract or have offers pending.

Ms. Lodge added: “This is a clear indication that buyers from New York, London and other large cities are looking to relocate to Bermuda’s safe bubble.”

Demand for higher end properties is also spiking in the rental market.

Adam Birch, top rental agent, said that immediately after lockdown the luxury rental market had burst into action, and there were “bidding wars” on properties in the $10,000-plus-per-month bracket.

Mr. Birch said: “I believe this was mainly due to the fact that no one can really travel, and families were cooped up in their homes. What was previously spent on travel was shifted to accommodation upgrades in order to have views, a pool, extensive yards, etc.

“Six months on there is still a shortage of luxury properties to rent, everything that goes on the websites is being rented. There is always demand for waterfront properties and we are looking for more luxury home rental listing inventory.”

“A lot of Bermudians working overseas also decided to move home as they can work remotely. This also aided in the rental market and sales market spiking.”

Agent Karen Brine said the vacation rental market has also received a boost from the launch of the Work From Bermuda One-Year Residency Certificate to attract digital nomads.

Ms. Brine said: “The activity in the market is exciting news for Bermuda and our homeowners who tend to see a softening in rental bookings for the winter months.

“However, Coldwell Banker is receiving many daily inquiries for couples and families alike looking to escape their home and visit Bermuda for several reasons and the trend we are noticing is anywhere from one to six months and in some cases longer.”