Rental market showing signs of life after Covid-19 slowdown

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When Covid-19 hit, the rental market took a battering, with many tenants seeking refuge with families and friends as income dwindled in protracted lockdowns.

The most sought-after residential rental properties are in the R4,500-R7,000 a month price band with around a third of all lease agreements in this segment.

Commenting on the latest rental performance, Michelle Dickens, CEO of TPN Credit Bureau, said though most major provinces have seen an improvement in tenant payment behaviour above 80%, Gauteng lags with just 78.67% of tenants in good standing. Negative escalations in the province continued for the third consecutive quarter. Despite the decline in tenant payment behaviour in Gauteng, the province took top honours on returns, with a gross yield measured at 11%.

While KwaZulu-Natal’s tenant payment performance has improved to 80%, its vacancy rate has jumped to about 14%, which means it’s only just achieved double-digit gross yield of about 10%.

 

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