Praneeta Prakash 
[File Photo]
The Public Rental Board has revealed that over the years, there has been a slow transition to home ownership by their tenants.
General Manager Timoci Naleba says for this reason, the PRB is pushing for the rent-to-own program, which aims to create opportunities for tenants to gradually transition from renting to owning their own homes.
Naleba says their tenants are struggling to acquire a home, as on average there are only five transitions to home ownership annually.
“For them to transit, the property that they are supposed to be paying for or buying should be affordable. We cover the threshold of people having a combined income of $30,000 and below, so buying or purchasing a property is quite a challenge for them, especially if they are to borrow, then they will need security.”
Naleba believes the rent-to-home initiative will encourage more tenants to take the leap into home ownership.
“Rent to Home, that particular initiative would really, you know, have a greater impact on people moving to home ownership simply because when you rent, you pay your rent, and over the years, you have to own the property that you are renting in because most of what we have seen is that we have told our customers that you have paid us more than $16,000; imagine if you were paying for your own house.”
Naleba says people continue to apply to them seeking a flat, and they are reviewing each application on a six-monthly and yearly basis.
However, he says they do not have enough space to occupy these people.
He adds that 152 people are currently on the waiting list.
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