South Africans are turning to rentals as home ownership remains unaffordable.
The rental market in South Africa showed a year-on-year decrease in vacancy rates for the fourth quarter of 2022.
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. This puts property ownership out of reach for many South Africans, especially those looking to become first-time homeowners.
While inflation is expected to decrease marginally in 2023, salaries will ultimately remain stagnant. This trend is evident as the residential rental Market Strength Index remains positive at 56.47 as demand outstrips supply.
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