Gauteng tenants, have your pick of more than 5,000 properties right now
It’s the best time to be a tenant in Gauteng. Rental inflation is depressed across the province, pegged at just more than 5%, and the sheer volume of choice means tenants have their pick of literally thousands of properties.
A quick search for 2-bedroom apartments and townhouses priced between R8,000/month and R12,000/month reveals the following picture:
Gauteng: 5,143 properties available for rental, broken down into the following regions:
- Sandton and Bryanston: 1,673 properties
- Roodepoort: 204 properties
- Centurion: 212 properties
- Midrand: 481 properties
- Pretoria: 954 properties
Property developers, such as Reeflords, Balwin, MSP, M&T, Galencia, Summercon, Century Property Developments, Central Developments and some smaller ones, like Foce Property Investments, have in the past year collectively released thousands of new units into the Gauteng residential market, giving tenants a world of choice in terms of unit size, finishes, fixtures, and extras.
Landlords with older stock are up against shiny new units, which come standard with fibre or free Wi-Fi, energy- and water-saving fixtures and boast competitive rentals in many high-demand suburbs.
The challenge for landlords, both private and institutional, is that only about 65% of tenants pay on time, according to stats from TPN; some 17% pay late or settle in the “grace period”.
Tenant vetting, therefore, is incredibly important. Landlords need to be more vigilant in their tenant selection, or ask more questions of their agents who are mandated to source and place tenants on their behalf.
Tenants, likewise, should be sure to only rent properties they can afford – taking into account consumption charges for water and electricity – as well as pay their rent on or before the last day of the month. By consistently paying late or only in part, this will negatively affect their credit rating and count against them should they want to resign for an extra rental term or negotiate for a reduced rental in their second term.