More people have started to move out of their residential rental properties due to economic pressures and evolving consumer behaviour. The TPN’s Residential Vacancy Survey Report for the second quarter of 2024 has revealed that residential vacancies across all nine provinces in South Africa have increased from 4.42% in the first quarter to 6.
72%. The most hit provinces in the country are KwaZulu-Natal and the Eastern Cape with high increases, while Gauteng and the Western Cape reported fewer vacancies. Rental vacancies increase Industry Principal at MRI Software and Head of Marketing at TPN, Waldo Marcus says rental vacancies have been increasing since 2018 due to the growing supply of rental properties which continued to grow until 2020.
“Although persistently high interest rates have bolstered the rental market, supply has started to decline as a result of decreasing consumer and business confidence.” He adds that the first half of 2024 saw the lowest average annual national vacancy rate since 2016, as it stood at 5.57% (first half of 2024), which is a reduction of 17.
21% compared to the previous year. Rental vacancies increase not uncommon Marcus says it is not uncommon that there has been an increase in vacancy rates between the first and second quarters of the year. The results reflect properties under shorter-term leases occupied during the end of the festive season.
“The results also show a take-up in student accommodation in the first quarter to temporarily bo.