South Africa’s rental property markets has been surprisingly resilient, given the stresses on consumers. But trouble may be brewing.
The residential rental property market has remained surprisingly resilient in recent quarters, considering the financial stress consumers are under due to the high cost of living and escalating interest rates.– a loud warning sign for landlords.
Additionally, higher demand for residential rental property, lower vacancies due to a slowdown in supply, higher debt servicing costs and the increased cost of maintenance, security, and municipal services resulted in a gradual recovery of rental escalations – another good sign for landlords. “This will further deter property purchases and retain healthy demand for residential rental property,” said the report.Despite the buoyancy of the rental market and the drop in the national vacancy rate, the report noted that this is partly because home ownership has become unaffordable for many South Africans, and they’re still under immense financial pressure.
The National Credit Regulator age analysis paints a similar picture, with almost all consumer credit types in good standing deteriorating slightly in the last quarter of 2022.
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