South Africans are turning to residencial rental properties as homeownership becomes unaffordable.
The rental market in South Africa showed a year-on-year decrease in vacancy rates for the first quarter of 2023 as homeownership became unaffordable for many.
An uncertain economic and political landscape, coupled with severe financial constraints, means that owning new residential property is not a priority in 2023. The credit bureau noted that this observation is evident in the drop in new building plans being submitted for approval to the larger municipalities.
This trend is shown by the shifts in the residential rental Market Strength Index, which remains positive at 59.14 as demand outstrips supply. “The risk for property owners has increased regarding rental collections as consumers battle with juggling the increased cost of living and stagnant income growth.
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