Indluplace Properties, the residential specialist fund, says a rise in municipal rates has outstripped rental fees increases, putting pressure on earnings.
The company, which listed with a portfolio of 1,600 rental units in June 2015, and now owns 9,917 units, reported on Wednesday that its dividend per share shrank 19.9% to 78.2c. “It’s a very tough market. The cost of maintaining a residential unit is high and we are struggling to achieve rental escalations as our tenants are under such severe financial pressure,” he said.Johannesburg Property Owners and Managers Association
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