WHILE residential vacancy rates increased across all provinces and rental value bands, the Western Cape had the lowest hike in vacancies, according to the Residential Vacancy Survey Report by the credit bureau TPN. Waldo Marcus, industry principal at MRI Software and head of marketing at TPN, said the higher vacancy rate reflected fluctuating supply and demand, economic pressures and evolving consumer behaviour.
“Rental vacancies have been gradu- ally increasing since 2018, driven by a growing supply of rental properties, which continued to grow until 2020. Although persistently high interest rates have bolstered the rental market, rental market supply has started to de- cline as a result of decreasing consumer and business confidence,” he said.
The TPN Market Strength Index, which measures perceived supply and demand in the rental market, increased…