Moneyweb reports that the average national residential property rental growth has halved from a year ago and is currently at 3.27%. Interestingly, the Free State at 8.14%, KZN at 6.75% and the Western Cape at 6.97%, are the only provinces in which such rental growth exceeds our inflation rate. The worst performing is Limpopo at -5.24%.
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Whilst on this topic – IOL says that the demand for furnished apartments is higher than that for unfurnished living. This puts pressure on the rentals achieved on unfurnished flats and has resulted in growing demand for furnished residential properties to rent.
When it comes to business premises, the trend towards decentralisation has resulted in a vacancy rate in centralised notes of 13.8%, compared to 10.3% in decentralised nodes (Rode). What hurt in his report, is a note saying that our cities reflect a two-nation economy: the poor do business in the regressing old metropolitan CBDs; the middle class patronise the posh decentralised nodes such as Umhlanga Ridge and Sandton.
An IOL report held that a property owner in the Tshwane municipality was prosecuted and jailed for noise pollution: loud music and repeat violations committed him to two years. Yes!