Demand for property to rent is experiencing a high, according to Harcourts SA CEO Richard Gray, with entry level property prices of R400,000 being beyond reach of many young pros on the Western Cape.
With middle class buyers paying from R750 000 to R1.6m for a family home, demand for property to rent is receiving attention from financiers claims Gray. "With IRs remaining regularly low, mortgages are very cheap 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 rent, in opposition to 20 to 30 years. "
Gray comments that price is an enormous issue, although 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 want to be close to a good school is another reason why people look for property to rent."
According to Gray, a common family may have their own rental properties, and elect to rent rather than own their own family home. Whatever the reason that folks are taking a look at property to rent, 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 assorted social connections within a community, when it comes to property to rent Harcourts has found that there is very rarely an issue with of middle revenue family property. "
Harcourts S. A. offers a full property to hire 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 speculators hand over the day by day administration issues to Harcourts.
Gray points towards the Cape West Coast as an example where speculators are at present buying up property to rent because of 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 people hunting for higher density housing units due to employment opportunities coming from the IDZ. "
Gray says the existing residential housing stock is also at capacity and there are opportunities for investors who are supplying property to hire in the way of family houses close to 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 buyers paying from R750 000 to R1.6m for a family home, demand for property to rent is receiving attention from financiers claims Gray. "With IRs remaining regularly low, mortgages are very cheap 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 rent, in opposition to 20 to 30 years. "
Gray comments that price is an enormous issue, although 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 want to be close to a good school is another reason why people look for property to rent."
According to Gray, a common family may have their own rental properties, and elect to rent rather than own their own family home. Whatever the reason that folks are taking a look at property to rent, 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 assorted social connections within a community, when it comes to property to rent Harcourts has found that there is very rarely an issue with of middle revenue family property. "
Harcourts S. A. offers a full property to hire 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 speculators hand over the day by day administration issues to Harcourts.
Gray points towards the Cape West Coast as an example where speculators are at present buying up property to rent because of 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 people hunting for higher density housing units due to employment opportunities coming from the IDZ. "
Gray says the existing residential housing stock is also at capacity and there are opportunities for investors who are supplying property to hire in the way of family houses close to 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.
About the Author:
Harcourts South Africa offer property for sale, property to rent,homes for sale, commercial leasing, rural property sales, lifestyle real-estate and business for sale right across SA.
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