How to take care of your Airbnb rentals in Johannesburg
The city’s rental market is growing, but not at the rate of the country.
That’s according to a new survey conducted by real estate firm, Temple Management, which revealed that South Africa has the fourth largest rental market in the world.
“South Africa has more than 1.3 million apartments available for rent,” the survey said.
“The median rental value in South Africa is RM10,000, with the median income of the owner at RM150,000.”
However, the median rental price of rental properties is currently below the international median of $7,600.
While South Africa’s rental markets are growing, it is important to keep the rental market competitive in order to sustain the rental sector.
“The survey also revealed that almost 80% of South Africans rent out their property, but only a third of them are renting out their entire home.”
A majority of renters do not have the time or resources to buy a house, and even those who do have the resources are struggling to make ends meet.
So it is crucial that rental housing becomes affordable,” the study said.
It also revealed how some of South Africa ‘s rental markets have been experiencing a rise in demand for accommodation over the last year.
In a bid to keep pace with the rising rental prices, the South African government has announced that it will increase the minimum rental amount to RM3,000 per month.
This will be followed by an increase in the minimum monthly rent to RM1,000 and an increase to RM2,000 for new properties.
Meanwhile, South Africa also announced a national policy to help renters and landlords cope with a rise of rental prices.