LISTEN: Rental property market takes a knock
While the home buying market kept afloat during the Covid-19 crisis, a local real estate agent says residential rentals have suffered.
According to a recent survey by FNB, the home buying market was buoyed by low-interest rates, leading to more sales.
Viola Markowska, from the KZN north coast, has been in real estate for 16 years.
She says many clients have had to drop rental prices to attract new tenants in the competitive industry.
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"Some property we have to drop between R1 000 to R3 000. The lower market property we drop R300 to R500. Where I could archive R8 000, currently I am getting R6 500. Where I could get R11 500 on a two-bedroom, I am archiving between R10 500 and R10 000."
A Durban landlord - whose looking for a new tenant - said: "It is a tough market out there and I think we don't see any changes within the economy people aren't going to be spending that much and you not going to get the rental income you want and you will have to chop the prices."
Listen here for the interview with Viola Markowska:
