Good news for the rental market in South Africa – except the wealthy segment

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Rental payments remain a high priority in South Africa, despite the economic challenges faced by tenants, notes TPN Credit Bureau.

The TPN Residential Rental Monitor for the second quarter of 2022 showed that the property market is fragile, balancing a fine line between demand shift and the ability of consumers to afford any formal rental accommodation.to push inflation back to within its targets, increasing the main repois expected to slow residential property sales, although prices in certain areas are expected to climb as demand for well-serviced areas remains an attractive asset, said TPN.

TPN noted that monthly rental payments are considered the second most important household budget credit priority for consumers, second only to mortgages or bond repayments. This is partly attributable to the cyclical nature of tourism, particularly in the coastal regions. This decline correlates to the slowdown in the Western Cape’s good standing figures and partially explains the reduction in KwaZulu-Natal’s good standing for the second quarter, said TPN.

Those paying between R7,000 and R12,000 are even more committed to maintaining their good standing with 88% up to date with their rental payment, exceeding pre-pandemic levels in both 2018 and 2019. It is safe to assume that this rental category has fully recovered from the pandemic, said TPN.In terms of provincial standings, the Western Cape has held steady with its collection of rent and the escalation of its property rates. The home to the Mother City reported a steep rental increase of 4.

 

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