Neighbourhood 8 SEPTEMBER 2019
PROPERTY & LIFESTYLE
To let or not to let? The property rental market at the moment is slow at best, with legal pitfalls aplenty. Those in the know weigh in on how landlords and lessees should navigate these rough waters, page 2
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PROPERTY FOCUS: THE RENTAL MARKET
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PROPERTY NEWS
8 SEPTEMBER 2019
Neighbourhood
Property focus
RIVER’S EDGE, RONDEBOSCH
Let it out
Whether you’re renting a property or renting out a property, it’s always good to know what’s happening in the rental market ATLANTIC BEACH ESTATE, MELKBOSSTRAND
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egardless of which region you live in, the prognosis for the rental market is the same: flat. Local agents had some advice for landlords while they wait for the (inevitable) upswing. “Landlords need to be aware that there’s plenty competition in the rental market and therefore their pricing needs to be realistic and market-related,” says Hayley Bird, Complete Coast Properties.
RE/MAX Property Associates. “My advice to landlords is to provide an excellent product and even better service. Opt for steady, long-term relationships rather than quick gains,” says Russell Fisher, Russell Fisher Properties.
John Birkett, Rawson Rentals Cape Metro Classic Rentals, agrees. “The rental market in 2019 has seen lowerthan-usual rental incomes. Many landlords have had to be negotiable on the rent and the annual increases, as creditworthy tenants who look after the property and pay on time are increasingly hard to come by.” “Traditionally the winter period is always quieter and demand normally picks up towards the end of the year. Landlords are having to seriously consider reducing monthly rental amounts – lower price rentals remain active,” says Caron Leslie, EDITORIAL TEAM:
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Herschel Jawitz, CEO, Jawitz properties says, “The rental market is relatively flat at the moment due to the large number of properties available for rent, especially in the sectional title market and because of the current economy. Lessees are currently pricesensitive and spoilt for choice. As a result, many lessors are accepting below-inflation escalations to keep a good tenant and may have to accept a lower rental to find a new tenant.”
It’s the law It’s crucial that landlords and tenants know their rights according to the law. The Rental Housing Amendment Act 35 of 2014 is the latest amendment to the Rental Housing Act 50 of 1999.
It increases the rights of tenants and obligations of landlords and aims at firming up the rules regarding inspections, deposits, the condition of a property and what should be included in the lease. Glenda Taylor, principal, Greeff Rentals, says, “While the Amendment Act is yet to be gazetted, both landlords and tenants are required to comply with the provisions of the Act immediately for all new lease agreements, while existing lease agreements are to be updated within six months of the Act coming into effect.” The new legislation requires that landlords provide a written lease agreement as verbal agreements will no longer be binding. The landlord must ensure that the property is structurally sound, suitable for habitation, has adequate space, and provides basic services such as water and electricity. All these items should be addressed in the lease agreement. It also addresses the fact that the landlord must place the tenant’s
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8 SEPTEMBER 2019
Neighbourhood
PROPERTY NEWS
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PORTMAN PLACE, MELROSE
deposit in an interest-bearing account – the interest accruing for the benefit of the tenant. The deposit interest accrued should be refunded as soon as possible (usually seven days) after termination of the lease agreement. The deposit may be applied towards the payment of any outstanding amounts for which the tenant is liable under the lease agreement, including outstanding accounts for water and electricity and the reasonable cost of any repairs caused by the tenant to the premises. The Act also protects landlords from tenants who cause malicious damage to a property. The onus is on the landlord to inspect the property with the tenant at the start of the lease. Any defects or damages must be noted but not necessarily rectified by the landlord and must be listed and attached to the lease agreement for later comparison.
to follow correct legal procedures even if the tenant is in breach. Tenants are entitled to privacy but landlords can inspect the property from time to time. Unannounced inspections, however, are not permissible.
FAQs Tenants are often in the dark with regard to their rights and responsibilities when renting a property. PG van der Linde, rentals manager, Seeff PTA East, answers four commonly asked questions.
On exit, if a joint inspection doesn’t take place, the property is assumed to be in good condition and the landlord may not withhold the deposit for repairs or damages.
Q: May tenants make changes to a rental property? A: Once the lease has been approved and the tenant has moved in, they’re not allowed to make any structural additions or install fixtures without written consent from the owner. If the owner does give consent, tenants aren’t entitled to compensation for convenient changes and fixtures when the lease expires. Tenants may also not remove these alterations and fixtures from the premises.
The landlord cannot cut off utilities and services due to non-payment – this can only be done by the municipality – or lock a tenant out of the property without a court order, and is required
Tenants may, however – in some instances – be entitled to reimbursement where necessary improvements and maintenance were undertaken.
Q: How can tenants be sure to get their deposit back? A: Hand the property back in the same condition as it was received, with the exclusion of fair wear and tear, which is something the tenant should not be penalised for. Wear and tear is scuff marks on a wall or chipped paint. A hole in the wall is considered damage and you’ll be penalised. Q: Can tenants back out of their rental lease? A: You’re allowed to give 20 business days’ notice to cancel a lease agreement. If the landlord or agent makes an effort to procure a new tenant by marketing the property at market-related prices after receiving notice but fail to find a new tenant, the tenant who gave notice can be held liable for a reasonable cancellation penalty. A reasonable cancellation penalty may require that the tenant pays the rental for the remainder of the lease should a new tenant not be sourced. Q: What if I can’t resolve issues with my landlord? A: Tenants and landlords can turn to the Rental Housing Tribunal who will listen to both parties and establish a fair settlement or will assist in mediation.
PORTMAN PLACE, MELROSE
The rent trap This describes a situation where people are continuously renting property instead of buying their own – and it gets harder and harder to break out of that as you get older. “The first step in avoiding the rent trap is making the choice to rent a property in a lower price bracket and save up towards a deposit on a property to buy,” says Just Property CEO Paul Stevens. He says it’s easy to fall into the rent trap by assuming that your income will increase as you get older. “But that’s not always the case. Responsibilities increase, as does rent and already we’re seeing data showing long-standing tenants battling to keep up with escalations.”
THREE FOUNTAINS, KENILWORTH
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PROPERTY NEWS
8 SEPTEMBER 2019
Neighbourhood
Rules are made to be broken There are always so-called ‘rules’ around design, decor, photography, you name it. But it’s only when you know those rules and feel comfortable enough to break them with impunity that you create something unique. WORDS: ANNE SCHAUFFER
IMAGES: SHUTTERSTOCK
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omewhat of a design maverick, Grant Webster of Fahrenheit Design has been in the interior and decor industry as long as he cares to remember. One of his favourite things is talking about his most important rules around interior design, many of them breakaways from conventional thinking. He offered up nine…
Rule #1
The most important rule is this: know what you’re trying to do. Creating a space that has style or chic, comes with a real effort to distil the essence of this style, and then to repeatedly reinforce this idea in every decision, every colour selection, every furniture choice, and so on. Style with a single idea in mind!
Rule #2
Don’t do anything you don’t like doing. It may sound so obvious, but it still holds true. Don’t use a style or theme you don’t personally enjoy. Not being able to embrace that concept will lead to a lack of confidence that is visible to others, and won’t fulfil you or encourage your efforts. Creativity must play a role and a lack of conviction will crush the result.
Rule #3
Paint a small space with light colours? No, it’s a lie. Nothing you do in a small space will fool anyone into believing it’s not a small space. Using mirrors on only one of the larger walls will help, as will the use of indirect light because it eliminates shadows. But a small space will remain a small space. Rather celebrate the uniqueness of that small space and be bold when considering what to do with it.
Rule #4
A high ceiling makes a space feel bigger. Really? No, it doesn’t. Would you feel comfortable standing at the bottom of a lift shaft? Not likely, even though this is an extreme example. It’s all about balance. Any space taller than it is wide won’t ever
be considered calming. Rather use horizontal breaks such as dado rails, and levels of cornicing to divide the space into sections that are manageable by a mind that’s seeking balance.
Rule #5
The largest piece of furniture goes on to the largest wall. This is a simple decor rule, and it holds true if you’re not trying to create an unbalanced environment. Simple, easy, true.
Rule #6
The wall with the window is the wall that will always appear darkest in a room. This may seem the obvious place to make the feature wall, but it’s not. Because of this, one of the side walls is the best place to embellish with wallpaper, a bar, panelling or mirror.
Rule #7
Always use the most matt paint on your ceiling. Unless you want to see every bump, blemish and defect, stay with matt – I use Dulux Trade Dura 65, as the ceiling paint specification of choice. Light or dark paint selection doesn’t matter. In fact, a darker shade of paint helps present a view in its best form, a note to remember when painting large veranda ceilings.
Rule #8
Reflective surfaces create excitement, dull surfaces create calm. Not always as obvious as it seems, but this trick allows you to create areas of interest and attention, when you use reflective items and surfaces in a space that’s largely matt or dull. This allows for the use of glass, and metallic items in a collection arrangement, to become a feature in a dull, matt, cocooning space. Surprisingly, this works just as well in a monochrome palette, in fact, even more in a room with many different colours.
Rule #9
Never follow the rules. Greatness comes from individuality, a break from tradition and a healthy disregard for convention. Enough said…
8 SEPTEMBER 2019
Neighbourhood
PROPERTY NEWS
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Airbnb Steyn City’s new generates launch gains traction an estimated J R10,3bn for SA N
ew research shows that Airbnb’s host and guest community generated more than $100bn (±R1,500bn) in estimated direct economic impact across 30 countries last year. The estimated direct economic impact of Airbnb in SA was more than $685m (±R10,3bn), based on host income and guest spending during trips. In an Airbnb survey of more than 228,000 responses, 51% of Airbnb hosts said that hosting on the platform helped them afford their homes.
ust three months after its launch, 104 on Creek – the new luxury resort-style apartment development at Steyn City – has attracted much attention from buyers in the market; an excellent sign ahead of its occupation date in the first quarter of 2020.
“Travel on Airbnb is helping to spread tourism benefits to more families, communities and local businesses,” says Velma Corcoran, Airbnb country manager for sub-Saharan Africa. “It’s never been easier to travel to and stay in SA’s smaller towns.”
“The success of 104 on Creek shows us we’re on the right track when it comes to perceiving the market’s needs for apartment living coupled with the finest lifestyle offering every homeowner could desire, from access to world-class facilities to freedom of movement and the space to roam,” comments Lambert Bezuidenhout, sales manager, Steyn City.
Host earnings from Airbnb in smaller towns have risen significantly. Mossel Bay, for example, had a year-on-year increase of more than 80%, whereas earnings in Saldanha Bay increased by almost 60%.
As Steyn City’s latest luxury apartment development, 104 on Creek subscribes entirely to the parkland’s ethos of accessibility and ease. The high-specced nature of these two- and threebedroom homes is testimony to this – each boasts double-glazed windows, air-conditioning, selected Siemens appliances and superior fittings, while thoughtful design ensures privacy and comfort. These features may be viewed at the development’s threebedroom showhouse, which has been beautifully decorated by Weylandts.
Prime Heerengracht building redeveloped T
he Mosaic Group, a housing developer responsible for redeveloping several innercity buildings in downtown Durban, is releasing the first of 81 luxury apartments in The Duke, situated on the corner of Hans Strijdom Avenue and Lower Heerengracht in Cape Town. The hotel-living style apartments offer stunning interiors, a rooftop deck and pool, and views of tree-lined city avenues against the backdrop of Table Mountain.The pricing, from R1,29m, and with no transfer duties, is well below the average of new developments in the CBD. “At about R36,000/m2, this is an offer you wouldn’t want to miss,” says Chris Marsay, marketing manager, Mosaic Group.
Apartments are priced from R2,7m, and measure 96m² up to 133m², complete with undercover parking and a selection with basement parking.
The building’s prime location offers investors an opportunity to take advantage of a vibrant buyto-let Airbnb market taking off in the lower part of the city. It also gives first-time buyers a crucial step into the notoriously expensive City Bowl real estate market. The Duke offers a hotel-style lobby with a 24/7 concierge service, air-conditioning throughout, a calisthenics gym, high-speed fibre, 24-hour security, and ample storage-room space. Nine apartment configurations are available, and buyers have the option of buying an “interior pack” as an add-on to the purchase price, or an unfurnished apartment.
Berlin and Paris lead global prime residential growth B
erlin and Paris experienced standout growth for prime residential property of about 4% over the past six months and 8% growth over the past year, reports the Savills World Cities Prime Residential Index. However, price growth across leading prime city housing markets continued to dip during the first half of this year. “There are a number of reasons why prime residential markets in global cities are slowing down, with government policy, the cost of money, increased supply, and global economic uncertainty all playing
their part,” says Savills World Research head Sophie Chick. The six months to June marked a turning point for various Chinese cities, as prices recovered following drops during the second half of last year. Hong Kong still has the most expensive residential property in the world at €45,400/m2 (±R745,921/m2), with growth of 1.3%. In Moscow prices increased by 1.2%, after years of falls. In Bangkok and Kuala Lumpur prime prices increased by nearly 2.5% in the first half of the year.
Conversely, over the same period prices fell in many US cities owing to tax changes impacting demand and, in the case of New York and Miami, high levels of stock. In Dubai, prime prices have fallen 20% in five years and are continuing to drop because of high new-build stock levels and economic uncertainty. In Sydney and Cape Town, the report shows values have increased significantly over the past five years, but both cities are now experiencing price falls, slowing their property markets.
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Neighbourhood
stneighbourhood.co.za | 8 SEPTEMBER 2019
Your Home, Our Core Business
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stneighbourhood.co.za | 8 SEPTEMBER 2019
AGENTS KNOW HOW TO MARKET YOUR HOME TO SELL
Image is everything when it comes to real estate and a poorly presented property is like showing up at the Oscars in the wrong dress. Objective, expert advice and assistance from a registered estate agent is essential.
Another good reason why you should use an estate agent
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