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Tough times continue for the property rental market
Landlords and agents struggle in the sector, thanks to the affects of Covid-19, with many former tenants opting to buy property.
Good tenants are still hard to find. In fact, it’s so difficult that many rental agents are even reducing their commission to have the best chance of luring those still in the market.
The battle with rental arrears is also high on the list of challenges, reveals PayProp’s 2021 State of the Rental Industry survey.
Johette Smuts, head of data analytics at PayProp, says the drop in availability of “good tenants” is linked to the fact that many South Africans are suffering financial strain due to the pandemic, while others have taken advantage of low-interest rates to purchase property.
“Good tenants have found it easier to qualify for home loans than ever before and are consequently leaving their rented properties for owned properties.”
With the financial strain on tenants affecting their ability to pay rent, agents have had to be creative to keep cash flowing, find tenants and keep mandates, she says, “The survey results show that 93% of respondents agreed to some form of alternative payment arrangement with tenants, which also clarifies why 60% of respondents reported an increase in time spent on monthly administration…”
Read more: Tough times continue for the property rental market
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Hilton mother warns parents to adhere to regulations after daughter, 5, battles Delta variant DURBAN - A Hilton mother, whose five-year-old daughter was rushed...
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