A survey conducted by TPN Credit Bureau shows that vacancy rates in South Africa’s rental market continued to drop in the first quarter of 2023, highlighting the best provincial rental markets in the country for homeowners.
According to the latest TPN Vacancy Survey, the national vacancy rate – the number of vacant properties – dropped from 8.26% in Q1 2022 to 6.19% in Q1 2023.
Provincially, vacancy rates vary as each province cultivates a unique set of factors that drives its economy and rental market. Semigration, property prices and career opportunities differ vastly in each region, influencing rental occupancy in each province differently, said TPN.
According to the credit bureau, the Western Cape remains the best rental market, reflecting its lowest vacancy level since 2016 at 1.66% – 4.5% below the national average.
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