This is according to TPN Rental Monitor for Q3 2016 which reports that 88.37% of tenants in the R7,000 to R12,000 rental category are in good standing and, more importantly, 73.52% paid on time.
“Payment performance weakened at both the top and bottom ends of the market,” said Michelle Dickens, MD of TPN, noting that 79% of the tenant population rent for below R7,000 per month, with 55% of these tenants renting in the R3,000 to R7,000 band per month. “Rental payment performance in the below R3,000 per month category has deteriorated conspicuously with 11.52% of tenants not paying rent in Q3 and only 57.70% paying on time.
“Although tenants in the exclusive property rental bracket also remain a challenge with only 53.27% paying on time, an even bigger problem is represented by the 14.67% in this category who only make partial payments.”
Top photo: This four-bedroom cluster house is available to rent in Houghton Estate for R60,000 per month. Click here for more