ITS MY HOUSE – Number of residential rental properties standing vacant
Loading player...
GUEST - Waldo Marcus, head of marketing at TPN
The rental market in South Africa showed a year-on-year decrease in vacancy rates for the fourth quarter of 2022.
According to the latest TPN Vacancy Survey, the national vacancy rate – the number of vacant properties – dropped from 11.71% in Q4 2021 to 8.13% in Q4 2022.
While this is an encouraging sign for landlords in the country, the credit bureau said the performance of the rental market is partly because home ownership has become unaffordable for many South Africans.
The survey conducted in 2022 indicated that most tenants across all ages rent because they simply cannot afford to buy, with 54% rating affordability as the number one reason for not purchasing a property.
The survey also showed that tenants aged 18 to 29 listed the flexibility to move as their second most significant reason, while those aged 40 to 49 listed having a bad credit score as their biggest reason after affordability.
The rental market in South Africa showed a year-on-year decrease in vacancy rates for the fourth quarter of 2022.
According to the latest TPN Vacancy Survey, the national vacancy rate – the number of vacant properties – dropped from 11.71% in Q4 2021 to 8.13% in Q4 2022.
While this is an encouraging sign for landlords in the country, the credit bureau said the performance of the rental market is partly because home ownership has become unaffordable for many South Africans.
The survey conducted in 2022 indicated that most tenants across all ages rent because they simply cannot afford to buy, with 54% rating affordability as the number one reason for not purchasing a property.
The survey also showed that tenants aged 18 to 29 listed the flexibility to move as their second most significant reason, while those aged 40 to 49 listed having a bad credit score as their biggest reason after affordability.
