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RENTAL MARKET ON FERTILE GROUND PAGE 3
PICTURE: K8 TXIPR8HBR M/NSPLASH
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Tenants must consider the costs of commuting when choosing where to live. PICTURE: S HERMANN & F RICHTER/PIXABAY
Make it easy for your tenants There is hope ahead for landlords, but tenants still have clout, and it pays to attract and keep the good ones BY BONNY FOURIE bronwyn.fourie@inl.co.za
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HE RENTAL market is set to improve next year, as interest rates rise, but landlords should not get too excited. This is because tenants are still expected to have the upper hand. More tenants will enter the market as their financial situations strengthen, and fewer existing tenants will leave to purchase their own homes, and this gives hope for an improvement in vacancy levels. However, landlords – new and existing – will still need to meet tenant demands if they hope to compete for the cream of the crop. Our experts share their insights to help landlords, new rental property investors and tenants navigate the 2022 rental market: Landlords must be on top of their game Although the rental market will improve next year, FNB commercial property economist John Loos says they should not be overly optimistic as attracting good-quality tenants will still be “a tough ask”. “There is no doubt financial times are still tight as the big recession of last year hit us all, interest rates are rising and tenants have other forms of debt. So, there is still a tough period ahead.” This means landlords have to keep their tenants happy through the services they provide, such as maintenance, and by the rents they ask and escalations they implement. “Quality tenants are like
gold. Bad tenants are costly and the market will be competitive in attracting and keeping goodquality tenants.” Quality tenants are out there though, so landlords must exercise patience, advises TPN chief executive Michelle Dickens. “Market your property at the right price. Affordability assessments are a crucial aspect to the tenant-vetting process.” She adds maintenance is essential, so landlords must make the necessary repairs to secure better rents and have betterquality tenants. Grant Smee, property entrepreneur and managing director of Only Realty Group, agrees that patience is a virtue for landlords. “Often landlords are so desperate to find a tenant that they accept the first application that they receive. Take the time to do your due diligence – work with a trusted real estate agent to perform all the relevant checks. Weigh up the pros and cons and be sure to call their references.” He also shares these tips with landlords:
• Don’t list your property with too many agents. If you look desperate, you will fall prey to chancers and low rent offers. • Find out how much other homes are being let for to ensure that your listing is competitive. • If a tenant has a maintenance query, communicate, and get it sorted out as quickly as possible. • Keep the lines of communication open and check in on the tenant every few months to promote an open and
fair relationship. • If a tenant is struggling to pay their rent on time, structure a plan that works for both of you. • Lay down the ground rules from the get-go and share any relevant documents with regard to complex rules and regulations. • If your tenants’ lease renewal is coming up, and they are worth keeping, be sure to negotiate an incentive to keep them. Loos says tenants are generally in the pound seats compared to landlords and can “bargain hard”. Although they will be able to bargain less as the market recovers, the market will still be in their favour. Be sure you know what tenants want Existing landlords, and those looking to enter the rental property investment market, need to be in the best position not only to avoid their properties standing vacant, but to secure good tenants. The best way to ensure this is to know: • What kinds of properties tenants want. • Where they want to live. • What property features they are looking for. Loos believes tenants will be looking for additional space to cater to their work-from-home lifestyles. And going hand in hand with this, Dickens adds, is access to wi-fi. “Security is also a nonnegotiable, while ensuring access to utilities will become the differentiator of future landlords.” Dickens says work-from-home
lifestyles have also impacted the property market in terms of where people want to live. For example, tenants have moved out of higher-priced city centres such as Cape Town and Sandton. “Previously, tenants cited travel distance to work as a key priority, but as work-from-home became a viable option, tenants retreated to more affordable outlying areas. “Tenants aged 30 to 49 indicate distance to schools is a key factor, so good-quality schools will remain a magnet for attracting tenants.” Choose your rents carefully When setting monthly rents, or buying a property for the rental market, landlords should consider which rental segments are most in demand and attract the best tenants. Dickens says 70% of tenants rent for below R7 000 a month. “Tenants who are in the below-R3 000 a month category remain in serious delinquency with 16.17% not paying and 15.21% only making partial payments. Compounding nonpayments are high vacancies as the quality of tenants’ applications is also poor.” Properties in the R4 500 to R7 000 category make up the biggest bucket of tenants, with one in three tenants renting in this affordable segment of the market, she says. Landlords operating in this segment also enjoy 83.92% of their tenants being fully paid up, and vacancies have dropped to 10.98%.
The best performing sector of the market, however, is tenants in the R7 000 to R12 000 a month bracket, with 86.97% of tenants paid up. At 10.19%, vacancies in this segment also trend below the national average, Dickens adds. Tenants must make smart decisions Although tenants have the upper hand, they also need to make wise choices. The most important advice Dickens has for tenants is to budget correctly when choosing a new rental property. “The basic rent is only part of the cost. Factor in utility costs, such as water, electricity, sewerage and refuse.” Tenants should also be aware the quality of the rental property showcases the landlord’s priority of repairs and maintenance. “Quality properties attract quality tenants but equally give the tenants insight into the quality of the landlord,” she says. It is important that good tenants, with good credit and payment records, keep them clean in order to be in a superior position to negotiate, Loos adds. In addition to the additional costs of renting, such as utilities, tenants should make commuting calculations correctly. “Sometimes a rental property closer to your place of work is more expensive, but if you opt for a cheaper property further away, you must calculate the true cost of transport. “This is not just the petrol costs but the costs of running a vehicle,” he says.
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The home rental market is expected to improve next year, with apartments mostly in demand by tenants. PICTURE: ISAAC QUESADA/UNSPLASH
Letter from the editor AS WE near the end of the year, and take stock of our ups and downs, it’s hard to believe we have survived another year of this pandemic. The recent travel bans amid a new variant of Covid-19 have certainly hit short-term lets, hotels and Airbnbs and, if anything, we have learnt to adapt to a changing property landscape. Many became first-time homeowners this year and others turned their Airbnb accommodation into longterm rentals. Others, however,
Green shoots ahead for landlords
struggled to hold on to their homes and accommodation, or chose to live with family, creating multi-generational homes. Landlords themselves have been battling to get their rent, while some renters are drowning in deferred payments to landlords. The thing is, whether we find
The rental market is likely to improve – just a bit – thanks to the interest rate hike
ourselves in the pound seats or not, we have learnt to surf this wave of life and are trying our best to stay afloat. It hasn’t been easy for many, yet humans are not ones to go down without a fight. Whatever the last few weeks of this year offer – for some it will be homeownership, as the Deeds Office puts through the last few transfers, and for others it will be local travel to support local property owners – may it be a safe and wonderful time. Our stories this week talk of some silver lining for the rental market next year. The hope of a brighter tomorrow is here and, as we discover time and again, in life and in the property market, the downs are soon followed by ups. Warm regards
Vivian Warby vivian.warby@inl.co.za
FIND US HERE: @property360.co.za
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BY BONNY FOURIE bronwyn.fourie@inl.co.za
T
HE RECENT interest rate increase – and predicted hikes next year – should spark a turnaround for the rental market. It will not be a great recovery but definitely an improvement on the current position. The rate decreases over the past couple of years have seen financially strong tenants buy their own homes while the remaining tenant population has been hard-hit financially thanks to the effects of the pandemic lockdowns. But next year, with the rate expected to rise, “the opposite should happen”, says FNB commercial property economist John Loos. R E N TA L M A R K E T W R A P Summing up the past two years for the rental market, he says its performance was weak, starting from 2020 and going into the early part of this year, with a 13.3% estimated national vacancy rate in Q1 and 13% in Q2, according to the TPN Rental Monitor. The rental inflation rate also dipped into deflation last year, and by the second quarter of this year, had gone into inflation to the tune of 0.2%. Loos attributes this to last year’s employment knock as a result of the lockdown, which saw many retail and restaurant industry workers lose their jobs. “Restaurants closed and a lot of retail businesses closed down entirely. These sectors were hit heavily, and a lot of the employees are rental tenants... This hard knock for the rental market also slowed household formations.” This means tenants typically end their leases and move back home; elderly people cancel leases and move in with their children and a portion of young working people, who are still living at home but planned to move into their own rental home, might delay their move. “So, the number of new households typically declines in big recessions,” he says. “At the same time, after the big interest rate cuts, a portion of aspirant buyers who were hanging out in the rental market would
have moved into home ownership as first-time buyers in early 2020.” This means, over the past two years, the country has seen a “very strong” home-buying market and a “very weak” rental market. But this is starting to normalise. R E N TA L O U T L O O K F O R NEXT YEAR Going into the new year, Loos expects noticeable improvement in the rental market due to interest rates starting to rise. The increase would have the opposite effect that the cuts had on first-time home buyers, with many holding off on buying until they see what happens with the interest rates. “The hike was only 25bps so it is not significant, and rates are still low, but I do think it introduces a bit of caution. Those aspirant first-time buyers may just wait in the rental market a bit longer. “Jobs in retail have normalised somewhat, and the hard lockdowns are long since a thing of the past, so the economy is back to some semblance of normality, although it is still weak.” He expects to see some acceleration in rental inflation, although it will not be great. “If rental inflation reaches 4% or 5% next year, which is more or less in line with general inflation, then I would say it will probably do well. I do not expect to see a piping-hot rental market but a significant improvement from where it has been recently.” Echoing this, Grant Smee, property entrepreneur and managing director of Only Realty Group, says the country’s housing market has been turned on its head once again with the current spike in the rental market. “The residential property sector tends to ebb and flow. While the past 18 months saw a notable buyers’ market coming to the fore, landlords can now breathe a sigh of relief as the rental market starts to gain momentum.” He attributes the shift to the fact that South Africans are now prioritising quality of life, flexibility and cash flow, and that tenants
get to enjoy the perks of a home without being tied into a long-term commitment and unforeseen costs. “In many cases, tenants can live in homes that they may not be able to finance through a home loan.” Despite the low interest rate, Smee notes that homeownership is still out of reach for many, largely due to unforeseen costs, potential repo rate increases, high levies and escalating rates and tariffs. TPN chief executive Michelle Dickens believes affordability will be an “ever-present factor” shaping the behaviour of tenants. “Incredibly, tenants clawed their way back to a pre-pandemic payment profile of 81.07%. “Tenants are paying but they do hold the upper hand. It’s a tenant’s market and likely to remain as such for 2022. “This will translate into low or flat escalations and incentives to entice tenants.” P R O P E R T I E S A N D R E N TA L PRICES IN DEMAND As security of home is linked to security of self, Dickens says tenants list security in their top three factors when they are house hunting. Not surprisingly, affordability is the first factor. “Working from home will have a lasting impact on tenants’ needs – wi-fi is no longer a luxury – it is a basic need to enable working from home and job security.” Flats and, to a lesser extent, town houses, will be most in demand by tenants next year, Loos believes. “I don’t think freestanding houses will be in major demand. “We are still in a financially constrained environment, so smaller is better as you save on the rates bill and maintenance costs, all of which are built into rental value. So, smaller is better to a significant degree.” Properties in the middle price segment of R7 000 to R12 000 a month – and possibly a little above that – will be most in demand. “This sector usually outperforms and is normally the most solid in terms of tenant payment performance and vacancy rates.”
DISCLAIMER: The publisher and editor of this magazine give no warranties, guarantees or assurances and make no representations regarding any goods or services advertised within this edition. Copyright ANA Publishing. All rights reserved. No portion of this publication may be reproduced in any form without prior written consent from ANA Publishing. The publishers are not responsible for any unsolicited material. Publisher Vasantha Angamuthu vasantha@africannewsagency.com Executive Editor Property and Environment Vivian Warby vivian.warby@inl.co.za Features Writer Bonny Fourie bronwyn.fourie@inl.co.za Design Kim Stone kim.stone@inl.co.za
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Don’t be afraid to buy pre-loved home furnishings which can be found at festive season markets or thrift stores. PICTURE: ROMAN KRAFT/UNSPLASH
Making the d ifference
Experts give advice on setting your rental space apart from the rest and other property queries BY BONNY FOURIE bronwyn.fourie@inl.co.za Q: AS A commercial property landlord in the office sector, what can I do to set my property apart from others? It is already offers security, good location, excellent wi-fi, flexible space and competitive rents. A: Consider your air quality. Supplying the latest clean-air technology not only keeps employees healthy and lowers absenteeism but appeals to an increasingly health and lifestyle conscious tenant. In 2022, it makes sense for air quality to be on the agenda of all managers of office parks, co-working spaces, hotels and corporate head offices. We associate South Africa with beautiful, clear air but the fact is that many of us are going to work every day and breathing air that is unsafe. Building regulations are designed to minimum standards but employers should be looking to maximise the air quality, not only because it is the right thing to do, but because of the very clear benefits that come with improved air quality. All employers look for ways to reduce absenteeism due to ill health but studies are now also clear that air quality goes a long way to ensuring better performance. Boards assign a fair bit of their budget to employee wellness programmes but often overlook what they are forcing their staff
to breathe. – Edward Hector, managing director at SFI Group Q: A close friend and I are considering buying a home together. What should we look out for or do to make the agreement work for both of us? A: These are the most important aspects required in a partnership agreement, whether business or personal: • Outline your contributions: These can be monetary (cash investment), physical property (such as furniture and appliances) or even labour and time (home renovation). As far as possible, ascribe a value to your contributions and decide who pays which costs. Keep precise records of all payments. Remember, it’s an investment and should be treated as such. If there is an income stream, establish how this will be divided. • Decide how decisions will be made: Decision-making can slow processes down so decide upfront how decisions will be made, especially if no consensus can be reached. Consider what would happen if there was a breach of trust or a conflict of interest. • Decide how conflicts will be resolved: Disputes aren’t always avoidable and, if left unresolved, can have serious consequences for your business or your relationships.
To protect these relationships, ensure the partnership agreement includes a section on dispute resolution. • Apportion the assets: Determine how you will distribute your capital gains and/or profits and how you will deal with losses and additional cash-flow requirements. What will happen to shares in the event of a death? – Cobus Odendaal, chief executive of Lew Geffen Sotheby’s International Realty in Johannesburg and Randburg Q: I might be getting a bonus this month and I am thinking about redecorating parts of my home. What is the best, and most affordable, way to do this? A: If you’re hoping to invest your year-end bonus in making your space a little comfier, cosier and more “you”, you may want to wait for the January sales. We often see stores clearing stock in January at great prices. If you’re willing to pocket your bonus until then, you could pick up some real bargains. You should also trawl festive season markets and thrift stores. New isn’t always better. Don’t be afraid to buy pre-loved. – Craig Mott, Western Cape regional sales manager for the Rawson Property Group
Q: I am searching – almost exclusively online – for a home to buy but I am not really finding anything that I feel a strong pull towards. What am I doing wrong? A: While online listings can help you get an idea of what is out there, in-person viewings should be arranged once you are ready to purchase. Searching for homes has become so easy with property portals that many people start browsing online long before they are in a position to buy. This sometimes makes it tricky to find a property they like once they are finally ready to purchase. Over-priced listings are common, which can lead you to falsely believe you cannot afford the home you want. But, if you set up a meeting with a real estate professional, they will be able to find out if a home is overpriced or if a seller is willing to negotiate, which could open a new set of opportunities. If you have been unlucky through your online house-hunting efforts, you should shift your search from virtual to reality. Homes are most often bought based on an emotional connection. Sometimes all it takes is to walk into a property to know that this is the place for you. – Adrian Goslett, regional director and chief executive of Re/Max of Southern Africa
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PICTURE: BRIAN BABB/UNSPLASH
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LAST FEW FROM THE DEVELOPER
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V & A WATER F R O N T - R 6 0 MIL L IO N E XC I T I N G N E W R E L E A S E
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RHONDA RAAD PROPERTIES We specialise in the Sales and Rentals of residential property in the Southern Suburbs and Surrounds. Contact us today for all your Buying, Selling and Rental needs on 082 448 7795 / 021 685 2212.
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ONSHOW SHOW SUNDAY 2 -2-5PM 5 PM ON SHOW SUNDAY 2-5PM ON SUNDAY Woodlands, 5 Highstead *Crescent Court, 2 Station Road, Rondebosch. *Whitehall Court, 143 MainRoad, Road,Rondebosch. Rondebosch. Small Complex aboveMain the Main Small Complex. Twoand Spacious Rondebosch Central. Charming Spacious Security Complex above Road. 24HRSecurity Security Shareblock Complex in Prime Security Position! Spacious Two Bedroomed Road. Large modernised Bachelor Bedroomed Apartment Charming North-West facing Two Bedroomed Two Bedroomed Apartment withlounge Lounge. Two Duplex Apartment with with Garage for Sale. pretty garden setting. Spacious One converted to One Bedroomed leading to Bedrooms large FittedCupboards. Kitchen (98m²) with LoungeApartment leading to good sized with Built-in Dining Area and Balcony. Lounge leading to Large Apartment Bedroomed Apartment with mountain (46m²) with Built-in Cupboards & Full Bathroom. Bay. and*Plus withKitchenette, Superb Views! Fitted Kitchen Balcony with Views! Fitted Kitchen Full Balcony Fitted Kitchen and *Parking Shower Bathroom. views. Catering & Bathroom. Cleaning Facilities. and Shower Bathroom with Sep Toilet. Walk Balcony. Shower Walk to Close to Dean Street Shops, Restaurant Bathroom. Walking distance to Schools, Secure Parking Bay. *Walk to Schools, UCT, to UCT, Jammie Shuttle,Shops Shops&&Transport. Transport. UCT, Jammie Shuttle, and Shuttle Stop. UCT,Jammie Shops and Transport. *Plus Garage.
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PRIME PROPERTY WITH OCEAN VIEW FRONTAGE IN RAMSGATE! STYLISH MODERN DWELLING WITH FLATLET, LAGOON ACCESS & HIGH QUALITY LOOSE ASSETS
Deceased Estate: AJ Bosch as share holder of owner
AUCTION: 29 DECEMBER 2021, 11:00 AUCTION AT: 2021 IMPI ROAD, RAMSGATE, KWAZULU NATAL
WEB21/0287
Extent: ± 2470 m² Improvements: (Double storey, 450m²) Ÿ Entrance hall Ÿ Open plan kitchen with lounge/ dining room, bar, & scullery Ÿ 4 bedrooms, all en suite bathrooms Ÿ Double garage Ÿ Swimming pool Ÿ Veranda with built-in braai Ÿ Entertainment area Ÿ Established garden with lagoon access. Flatlet: (100m²) Ÿ Entrance hall, lounge, kitchen, bedroom, en suite & parking area LOOSE ASSETS OFFERED SEPARATELY & JOINTLY AS 1 LOT Beds, dishwasher, various fridge/freezers, lamps, bedside tables, fan, tumble-dryers, washing machines, chest freezers, ornaments, wall unit, dining table & chairs, bar chairs, couch, crockery, kitchenware, ladders, TV, gym equipment, Concept 2 rowing machine, tools and more. AUCTIONEER’S NOTE: A beautiful mansion with an excellent location, beautiful finishes and stunning ocean view frontage!
Loose assets, full purchase price, commission plus Vat. Property 10% deposit & commission plus Vat. Bidders to register & supply proof of identity and residence. Regulations to Consumer Protection Act: www.vansauctions.co.za Rules of Auction to be viewed at 36 Gemsbok Street, Koedoespoort Industrial, Pretoria. Tel 086 111 8267 / 082 220 1312 | Auctioneer: Paul Holdt
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PROPERTY
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COUNTRY & COASTAL PROPERTIES Western Cape Office 082 576 9366 Email: info@countrycoastal.co.za www.countrycoastal.co.za
KINGSFORD ESTATE Westville, KZN Office: 087 012 5670 Email: info@kingsford.co.za www.kingsford.co.za
DOGON GROUP PROPERTIES Atlantic Seaboard Office 021 433 2580 Email: thekings@dogongroup.com www.dogongroup.com
NOBLE RESORTS Cape Town 010 612 6060 sales@nobleresorts.co.za
KLOOF RETIREMENT VILLAGES Upper Highway - KZN Contact: 073 2100 577 Email: lhan@telkomsa.net www.kloofretirementvillages.co.za
DOGON GROUP RENTALS Sea Point Office 021 433 2580 Email: enquiries@dogongroup.com www.dogongroup.com
RHONDA RAAD PROPERTIES Cape Town Office 082 448 7795 Email: rrpsales@mweb.co.za www.rhondaraadproperties.co.za
THE WOODLAND Umhlanga Office 081 281 3960 Email: info@woodland.co.za www.woodland.co.za
DOGON GROUP PROPERTIES Southern Suburbs, Claremont Office 021 671 0258
BALWIN PROPERTIES Ballito Office 084 788 1020 Email: michelle@balwin.co.za www.balwin.co.za
SHELLEY RESIDENTIAL KZN Office 082 412 4463 Email: hello@shelley.co.za www.shelley.co.za
RAWSON PROPERTY GROUP Cape Town Office 021 658 7100
debbie.reabow@rawsonproperties.com
www.rawson.co.za
southernsuburbs@dogongroup.com
www.dogongroup.com
TOP ADDRESS IN HYDE PARK, JOHANNESBURG!! STYLISH AND SPACIOUS RESIDENCE WITH SWIMMING POOL ,TENNIS COURT & MORE ONLINE LIQUIDATION AUCTION
DOGON GROUP PROPERTIES Western Seaboard Office: 021 556 5600 or 021 433 2580 Email: enquiries@dogongroup.com www.dogongroup.com
In liquidation: Sandton Property Developments 2001 (Pty) Ltd. Master’s ref: G1160/2020 PETER MASKELL AUCTIONEERS VAN’S AUCTIONEERS
KZN Gauteng ONLINE BIDDING: 12:00, 10-11 086 AUGUST Office: 033 397 1190 Office 111 82672021 BID AND REGISTER: www.vansauctions.co.za Email: info@maskell.co.za www.bidlive.maskell.co.za www.vansauctions.co.za
AUCTION OF: 81, THIRD ROAD, HYDE PARK, JOHANNESBURG
www.property360.co.za Extent: ± 3000 m² Improvements: Ÿ Entrance hall, lounge, dining room with sun room & family room Ÿ 4 bedrooms Ÿ 3 bathrooms (2 en suite) Ÿ Separate toilet Ÿ 2 TV rooms, kitchen & scullery
WEB21/0141
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D E C E M B E R
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