Guyana’s oil boom has created a lucrative market for high-end rental properties, but real estate professional Selena Bacchus says landlords may be putting too much focus on chasing oil and gas tenants while overlooking a much larger market of renters who are simply looking for comfortable, attractive housing at a price they can afford.
Speaking at the recent Landlord Summit at Herdmanston Lodge, Bacchus said the rush to capture oil and gas workers has created a tendency among property owners to build around the highest possible rental price rather than first understanding who their target tenant is.
“Too many people are aiming for the oil and gas clients,” Bacchus told the gathering.
While acknowledging that oil and gas tenants can provide attractive rental returns, she said they represent only one segment of Guyana’s expanding rental market.
There are also young professionals, working couples, managers, government employees and other households looking for well-designed accommodation that delivers value for the money.
Bacchus said young professionals in Guyana remain an “untapped and underserved” segment of the rental market.
Instead of designing every new development around expatriates or oil and gas employees, landlords could consider apartments aimed at Guyanese professionals and working households.
That could allow developers to target a larger pool of potential tenants while creating properties that match local purchasing power.
The strategy is also tied to Guyana's changing economy.
As local businesses expand and more professionals enter higher-income employment, Bacchus said there is an opportunity to provide housing that is modern and appealing without necessarily being positioned at the top end of the rental market.
For Bacchus, the starting point for any rental development should therefore not be the question of how much rent can I charge?
It should be: Who am I building this property for?
Bacchus, who works with Keller Williams and also operates her own real estate agency, Selena Bacchus & Co., framed rental property around three key considerations: people, property and price.
The “people” come first.
Once a landlord knows who the intended tenant is, decisions about the property's location, size, amenities, finishes and ultimately its rental price become easier.
That approach, she said, is particularly important in a market where developers can easily be tempted to spend heavily on luxury features in the expectation that oil and gas workers will pay premium rents.
But renters, regardless of their profession, are still making a calculation about what they receive for their money.
Bacchus said landlords need to ask whether an apartment genuinely offers something that justifies its rental price.
She pointed to one example from her own property management experience to demonstrate the demand that exists at more affordable price points.
Bacchus said her company recently managed a two-bedroom apartment in Little Diamond that was offered for $95,000 per month.
The apartment was air-conditioned and, importantly, presented in a way that made it attractive to prospective renters.
According to Bacchus, the advertisement generated approximately 500 calls within two hours.
For her, the response showed that there is significant demand outside the premium end of the rental market.
“It looked nice,” she said, while also pointing to the importance of the price being within the budget of many Guyanese households.
The lesson for landlords, she suggested, is that value can be just as powerful a selling point as exclusivity.
Don't spend more than the market can support
Bacchus also urged developers to work backwards from the expected rental income.
If a landlord expects to earn G$200,000 per month from a two-bedroom apartment, for example, the construction and furnishing decisions should reflect that target.
That means questioning whether expensive imported furniture, luxury fixtures or oversized apartments will actually produce a better return.
She used furniture as an example, noting that tenants may care far less about the brand of a sofa than whether the apartment is comfortable, attractive and functional.
The same principle applies to finishes.
Durable tiles, countertops, fixtures and other materials can provide the quality tenants expect without unnecessarily inflating the cost of construction.
The objective, she said, is to create a product that works for the market rather than simply making the property as expensive as possible.
Oil and gas remains a strong market—but it is competitive
Bacchus said locations such as Providence have become attractive for landlords targeting oil and gas workers, particularly higher-income professionals.
But that market is also becoming increasingly competitive.
She pointed to the number of two-bedroom apartments competing around similar rental prices and challenged landlords to identify what makes their property different.
That could mean amenities such as a swimming pool, barbecue area, parking, security or another feature that gives the property a clear selling point.
Simply charging a premium because a property is located in an area associated with oil and gas may not be enough.
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