DPM Hyde: Rising Rent Prices Are Driving Up Cost of Living in Belize

The cost of renting a home or apartment in Belize has gotten out of control, says Deputy Prime Minister Cordel Hyde. Another major factor that has driven up the cost of living is the increase in rent prices over the years. The cost of renting a home or apartment has soared across the country, particularly in densely populated areas. This morning, Hyde spoke on the issue and why the government has implemented major changes, like raising the minimum wage, to assist Belizeans facing tough economic situations. 

Cordel Hyde, Deputy Prime Minister: “42,000 persons got an increase in their minimum wage, you know ? 42,000, that’s a lot of people who were making $3.30 an hour. You know how much is $3.30 an hour? That’s a little bit over $20 a day. How can you live with that? The cost of renting a room in this country is $100 plus a week. You can’t rent a house anymore. The days of renting a house for $300 or $250 are long gone. It’s $650, $800 for some small houses. That are inferior, unfurnished. And then you can’t pay that, not on minimum wage. And then when you can’t pay, you have to go find another house. And the homeowners are charging you three months rent. Three months. Met a lady last week. She has to pay three months rent, $850 times three, $2,550. You understand? First, last, and security. How in God’s word she’s gonna be able to pay that on a small salary. How? So that’s how they end up with the pawn shops, that’s how they end up with the moneylenders and they end up with a cycle that keeps pushing them back. Keeps, listen,  I had to, I had to rescue a gentleman who I’ve known all my life. Wednesday, decent cat. A man who I’ve respected all my life. He was going to prison because he couldn’t pay his moneylender. You understand? Because he borrowed a couple thousand dollars. He was in an emergency situation. Some years ago and can’t keep up. He just keeps in a hole, in a hole, in a hole, in a hole, in a hole. He was gonna go to jail. That happens all the time. Right? So, it’s real man. It’s real.”

The government has indicated in the past that it intends to explore implementing legislation to regulate the rent prices in the country.