Demand for property to rent is experiencing a high, according to Harcourts S. A. CEO Richard Gray, with entry level property prices of R400,000 being out of the reach of many young professionals on the Western Cape.
With middle class customers paying from R750 000 to R1.6m for a family home, demand for property to rent is receiving attention from financiers claims Gray. "With interest rates remaining regularly low, mortgages are extraordinarily affordable and who can afford a family home in a good area are finding that they can pay their investment off in 10 to 15 years on a property to hire, as opposed to 20 to 30 years. "
Gray comments that affordability is a huge issue, though not the only issue, "Many families with good incomes are in the market for property to rent for many reasons, work mobility is a good reason and also the want to be close to a good school is a different reason why people look for property to rent."
According to Gray, a typical family may have their own rental properties, and make a choice to hire rather than own their own family home. Irrespective of the reason that folk are taking a look at property to lease, Gray says that there are is a big demand for property to rent and that many of the tenants are in higher earnings bracket with stable employment.
"Landlords favour a tenant with stable employment and assorted social connections within a community, when it comes to property to lease Harcourts has found that there is very rarely a problem with of middle earnings family houses. "
Harcourts South Africa offers a full property to lease service, from finding appropriate rental properties for financiers and landlords to purchase , matching tenants with the right property to hire, and a full rental service whereby the stockholders relinquish the day by day administration issues to Harcourts.
Gray points towards the Cape West Coast as an example where backers are currently getting property to hire due to the industrial development area (IDZ) at Saldanha being given the green light, "Over the next 20 years it is expected that there will be an in-flow of young qualified folks searching for higher density housing units due to employment opportunities stemming from the IDZ. "
Gray claims the existing residential housing stock is also at capacity and there are opportunities for backers who are providing property to hire in the way of family homes in the proximity of the IDZ,"In the short term quality properties across the sector will experience demand pressure, which is going to have a repercussion on price," concludes Gray.
With middle class customers paying from R750 000 to R1.6m for a family home, demand for property to rent is receiving attention from financiers claims Gray. "With interest rates remaining regularly low, mortgages are extraordinarily affordable and who can afford a family home in a good area are finding that they can pay their investment off in 10 to 15 years on a property to hire, as opposed to 20 to 30 years. "
Gray comments that affordability is a huge issue, though not the only issue, "Many families with good incomes are in the market for property to rent for many reasons, work mobility is a good reason and also the want to be close to a good school is a different reason why people look for property to rent."
According to Gray, a typical family may have their own rental properties, and make a choice to hire rather than own their own family home. Irrespective of the reason that folk are taking a look at property to lease, Gray says that there are is a big demand for property to rent and that many of the tenants are in higher earnings bracket with stable employment.
"Landlords favour a tenant with stable employment and assorted social connections within a community, when it comes to property to lease Harcourts has found that there is very rarely a problem with of middle earnings family houses. "
Harcourts South Africa offers a full property to lease service, from finding appropriate rental properties for financiers and landlords to purchase , matching tenants with the right property to hire, and a full rental service whereby the stockholders relinquish the day by day administration issues to Harcourts.
Gray points towards the Cape West Coast as an example where backers are currently getting property to hire due to the industrial development area (IDZ) at Saldanha being given the green light, "Over the next 20 years it is expected that there will be an in-flow of young qualified folks searching for higher density housing units due to employment opportunities stemming from the IDZ. "
Gray claims the existing residential housing stock is also at capacity and there are opportunities for backers who are providing property to hire in the way of family homes in the proximity of the IDZ,"In the short term quality properties across the sector will experience demand pressure, which is going to have a repercussion on price," concludes Gray.
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Harcourts SA offer property for sale, property to rent,homes for sale, commercial leasing, rural property sales, lifestyle property and business for sale right across S. A..
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