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TPN Credit Bureau’s latest Vacancy Survey Report reveals that the rental vacancies decreased between the second and third quarters of 2024, resulting in a national vacancy rate of 5.07%, down from 6.72% in the second quarter.
He explains that stable employment is essential in order to maintain low vacancy rates. High interest rates are also not ideal. “Although high interest rates discourage consumers from purchasing property, they also have a negative impact on property owners who may need to compromise on high rental growth to ensure that tenants stay in their properties and pay their rent promptly.”
“Although demand continues to outweigh available supply in the rental market, the index reveals a slight decrease in demand and an increase in supply,” says Marcus, adding that demand has decreased for three consecutive quarters. Supply showed a downward trend until the third quarter, when the supply rating increased from 54.51 to 55.5 points.
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