Demand for property to rent is experiencing a high, according to Harcourts SA CEO Richard Gray, with entry level property prices of R400,000 being out of the reach of many young professionals on the Western Cape.
With middle class consumers paying from R750 000 to R1.6m for a family home, demand for property to rent is receiving attention from investors asserts Gray. "With rates remaining regularly low, mortgages are awfully affordable and landlords who can afford a family home in a good area are finding that they can pay their investment off in 10 to 15 years on a property to rent, in opposition to 20 to 30 years. "
Gray comments that affordability is an enormous issue, though not the only issue, "Many families with good incomes are in the market for property to hire for several reasons, work mobility is a good reason and , the want to get close to a good school is another reason why folk look for property to rent."
According to Gray, a typical family might have their own rental properties, and make a choice to rent rather than own their own family home. Irrespective of the reason that folks are taking a look at property to rent, Gray claims that there are is a huge demand for property to rent and that many of the tenants are in higher earnings bracket with stable employment.
"Landlords favour a tenant with stable employment and assorted social connections within a community, when talking of property to rent Harcourts has found that there is very rarely with tenants of middle income family houses. "
Harcourts SA offers a full property to rent service, from finding acceptable rental properties for investors and landlords to purchase , matching tenants with the right property to hire, and a full rental service whereby the investors hand over the daily administration issues to Harcourts.
Gray points towards the Cape West Coast as an example where investors are presently getting property to lease because of the commercial development section (IDZ) at Saldanha being given the green light, "Over the next 20 years it is expected that there will be an influx of young qualified folk searching for higher density housing units due to employment opportunities coming from the IDZ. "
Gray says that the existing residential housing stock is also at capacity and there are chances for investors who are providing property to hire in the way of family houses in the proximity of the IDZ,"In the short term quality properties across the sector will experience demand pressure, which is going to have a repercussion on price," concludes Gray.
With middle class consumers paying from R750 000 to R1.6m for a family home, demand for property to rent is receiving attention from investors asserts Gray. "With rates remaining regularly low, mortgages are awfully affordable and landlords who can afford a family home in a good area are finding that they can pay their investment off in 10 to 15 years on a property to rent, in opposition to 20 to 30 years. "
Gray comments that affordability is an enormous issue, though not the only issue, "Many families with good incomes are in the market for property to hire for several reasons, work mobility is a good reason and , the want to get close to a good school is another reason why folk look for property to rent."
According to Gray, a typical family might have their own rental properties, and make a choice to rent rather than own their own family home. Irrespective of the reason that folks are taking a look at property to rent, Gray claims that there are is a huge demand for property to rent and that many of the tenants are in higher earnings bracket with stable employment.
"Landlords favour a tenant with stable employment and assorted social connections within a community, when talking of property to rent Harcourts has found that there is very rarely with tenants of middle income family houses. "
Harcourts SA offers a full property to rent service, from finding acceptable rental properties for investors and landlords to purchase , matching tenants with the right property to hire, and a full rental service whereby the investors hand over the daily administration issues to Harcourts.
Gray points towards the Cape West Coast as an example where investors are presently getting property to lease because of the commercial development section (IDZ) at Saldanha being given the green light, "Over the next 20 years it is expected that there will be an influx of young qualified folk searching for higher density housing units due to employment opportunities coming from the IDZ. "
Gray says that the existing residential housing stock is also at capacity and there are chances for investors who are providing property to hire in the way of family houses in the proximity of the IDZ,"In the short term quality properties across the sector will experience demand pressure, which is going to have a repercussion on price," concludes Gray.
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Harcourts SA offer property for sale, property to rent,homes for sale, commercial leasing, rural property sales, lifestyle property and business for sale right across S. A..
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