A new report highlights the vacancey rates of rental properties in correlation to their rental price.
A survey conducted by TPN Credit Bureau shows that vacancy rates in South Africa’s rental market continued to drop in the first quarter of 2023, highlighting the most in-demand price bracket for South Africans looking to rent a home.
In terms of demand, it has an inverse relationship with the vacancy rate, meaning the lower the vacancy rate, the higher the demand. The report noted that the remaining provinces in South Africa have all maintained a very high demand rating in the past three quarters, as a lack of supply has ensured a healthy market. However, many consumers in these provinces cannot afford to enter the formal rental market despite the strong demand.While the report noted that the vacancy rates for most rental brackets are very similar,– with a vacancy rate of 5.07%.
On the other end of the spectrum, the price brackets between R12,000 and R25,000 and more than R12,000 have experienced an increase in their vacancy rates.
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