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Insight into rental market

A sharp decrease in demand for expensive rental property, a bustling market in the R5 500 to R10 000 per month segment, and more people choosing to rent due to the uncertainty of job security are some of the prevalent trends in Mpumalanga’s rental market at the moment.

Willemien Badenhorst, Seeff’s MD in Middelburg, says the rental demand in more secure suburbs that are located close to the shopping mall and highway are experiencing a high rental demand.

“Duets and freestanding homes in the R8 500 to R9 5000 price bracket are experiencing the highest demand, while demand for property priced over R13 000 per month is lower. We do, however, see fair demand for modern properties in secure estates and have recently leased a home in a security estate for R17 000 per month. Tenants are willing to pay up to 20% more for property located in security estates.”

Badenhorst continues to say that they don’t experience an overstock in Middelburg in any segment and that most rental property is leased within a week or two of being listed.
“We do have a shortage in secure, pet-friendly complexes and duets, priced between R3 000 and R6 000 per month.

“The Middelburg rental market is not expected to change anytime soon, as there is currently a lot of uncertainty with regards to job security at some of the mines.
Because of this many people choose to rent. These tenants mainly consist of young families and single tenants who have just entered the workforce. Single tenants often rent property for only six to 12 months, while many families who rent renew their contracts year after year.”

 

 

 

 

 

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