Demand for property to rent is experiencing a high, according to Harcourts South Africa CEO Richard Gray, with entry level property prices of R400,000 being out of reach of many young pros on the Western Cape.
With middle class consumers paying from R750 000 to R1.6m for a family home, demand for property to rent is receiving attention from financiers asserts Gray. "With IRs remaining solidly low, mortgages are extraordinarily cost-effective and landlords who can afford a family home in a good area are discovering that they can pay their investment off in 10 to 15 years on a property to lease, in opposition to 20 to 30 years. "
Gray comments that price is a big issue, though not the only issue, "Many families with good incomes are in the market for property to lease for many reasons, work mobility is a good reason and also , the desire to get close to a good school is one more reason why folk look for property to rent."
According to Gray, a typical family may have their own rental properties, and choose to hire rather than own their own family home. No matter what the reason that folks are taking a look at property to lease, Gray says that there are is a large 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 various social connections within a community, when it comes down to property to rent Harcourts has found that there is very rarely an issue with renters of middle earnings family houses. "
Harcourts South Africa offers a full property to lease service, from finding suitable rental properties for speculators and landlords to purchase , matching tenants with the right property to lease, and a full rental service whereby the stockholders pass over the daily administration issues to Harcourts.
Gray points towards the Cape West Coast as an example where investors are presently grabbing property to lease because of the commercial development section (IDZ) at Saldanha being given the green light, "Over the next 20 years it is predicted that there will be an inflow of young qualified folk 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 possibilities for stockholders 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 an impact on price," concludes Gray.
With middle class consumers paying from R750 000 to R1.6m for a family home, demand for property to rent is receiving attention from financiers asserts Gray. "With IRs remaining solidly low, mortgages are extraordinarily cost-effective and landlords who can afford a family home in a good area are discovering that they can pay their investment off in 10 to 15 years on a property to lease, in opposition to 20 to 30 years. "
Gray comments that price is a big issue, though not the only issue, "Many families with good incomes are in the market for property to lease for many reasons, work mobility is a good reason and also , the desire to get close to a good school is one more reason why folk look for property to rent."
According to Gray, a typical family may have their own rental properties, and choose to hire rather than own their own family home. No matter what the reason that folks are taking a look at property to lease, Gray says that there are is a large 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 various social connections within a community, when it comes down to property to rent Harcourts has found that there is very rarely an issue with renters of middle earnings family houses. "
Harcourts South Africa offers a full property to lease service, from finding suitable rental properties for speculators and landlords to purchase , matching tenants with the right property to lease, and a full rental service whereby the stockholders pass over the daily administration issues to Harcourts.
Gray points towards the Cape West Coast as an example where investors are presently grabbing property to lease because of the commercial development section (IDZ) at Saldanha being given the green light, "Over the next 20 years it is predicted that there will be an inflow of young qualified folk 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 possibilities for stockholders 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 an impact on price," concludes Gray.
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Harcourts S. A. offer property for sale, property to rent,homes for sale, commercial leasing, rural property sales, lifestyle real estate and business for sale right across South Africa.