Increase in demand for rental homes

2016-04-21 06:00

There is currently high demand for rental homes in the Eastern Cape towns of Uitenhage and Despatch and this makes them hotspots for property investors.

“Unfortunately, however, it also makes them a magnet for an increasing number of unlicensed managing agents who are definitely not acting in the interests of local landlords,” says Charlotte Vermaak, director of the Chas Everitt International franchise in Nelson Mandela Bay.

“There are also many private landlords in these areas who are not aware of the legalities that need to be observed when renting out property, and it is primarily to assist them that we have decided to extend our rental property management division into the Uitenhage and Despatch node.”

Property management service

Chas Everitt Property Rentals, she says, offers landlords a comprehensive letting and property management service provided by qualified and registered agents, including:

.The use of lease documentation that is compliant with all relevant legislation such as the Consumer Protection Act;

.The management of tenant deposits, which by law must be held in an interest-bearing account; and

.The management of ingoing and outgoing property inspections, which must be held in order for damages to be recovered from the tenant’s deposit if required.

“Even more importantly, we will be in a position to perform proper background checks in order to secure tenants with good credit, employment and leasing records and ensure low default levels for our landlords.”

Meanwhile, Vermaak says, the latest TPN Rental Monitor shows that rental demand in the Nelson Mandela Bay metro is very high, however the supply of rental stock is weak.

“Rising food, utility and transport costs as well as higher interest rates are also placing constraints on tenants’ ability to pay higher rentals, and landlords need to walk a fine line at the moment if they wish to keep quality tenants and avoid delinquencies.”

As a result, rental inflation in the area fell to 2,68% year-on-year in the fourth quarter of 2015, from 7,47% in the previous quarter.

Fortunately, she says, the average property rental for the Eastern Cape is R5 120 a month, which falls into the R3 000 - R7 000 a month category identified by TPN as a “sweet spot” that enjoys a very high percentage (88,2%) of tenants in good standing.

“In addition the overall percentage of tenants in good standing in the Eastern Cape is second only to the Western Cape, and well ahead of the national average, a fact which makes the region even more attractive to property investors.”

  • For more info contact Charlotte Vermaak on 084 512 5193

or charlotte.vermaak@everitt.co.za

(Issued by Chas Everitt International)

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

Inside News24

 
ADVERTORIAL
Competition regulation for a growing and inclusive economy

ADVERTORIAL: The Competition Commission of South Africa is conducting advocacy work in the South African automotive aftermarket industry and has gazetted a Draft Code of Conduct for public comment.

/News
 

6 myths about male cancer

It is important to be aware of the most prevalent cancer diseases amongst men in our country.

 
 

You won't want to miss...

Who are the highest paid models of 2017?
10 gorgeous plus-sized models who aren't Ashley Graham
5 top leg exercises for men
10 best dressed men of 2017
Traffic Alerts
Traffic
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.