The real state of the residential rental market

But how is the rental market performing? Anecdotally at least, sharp rises in administered prices suggest that this is very much a tenant’s market.annual review for 2018 shows “a continuation of the downward trend in national rental growth, trailing inflation for most of the year”. The average monthly rental growth rate practically halved from 2017, ending last year on 3.9% . Average consumer price inflation was 4.7% in 2018 and 5.3% in 2017.

The picture across the country’s three major provinces looks very different. In Gauteng, the average monthly rent breached R8,000 for the first time in the last quarter of 2018, which is 4.84% higher than the year prior . PayProp says “while this rate was lower than the year before, it was the province’s first increase in quarterly growth in two years, which might signal the beginning of a recovering rental market in the province”.

But the report notes that the average monthly rent in the province “surpassed the R9 000 mark during the year, still making it the most expensive province to live in with an average price differential of nearly R1 000 compared to the second most expensive province”.The affordability ratios above show just how much of their net income the average tenant spends on rent and debt obligations. This means the average Gauteng tenant, for example, has 24.1% of their net income left.

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