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 execs 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 stockholders asserts Gray. "With interest rates remaining solidly low, mortgages are awfully affordable and landlords 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, in contrast to 20 to 30 years. "
Gray comments that cost is a big issue, though not the only issue, "Many families with good incomes are in the market for property to rent for several reasons, work mobility is a good reason and , the desire to be close to a good school is another reason why folks look for property to rent."
According to Gray, a common family may have their own rental properties, and elect to hire rather than own their own family home. No matter what the reason that people are having a look at property to hire, 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 diverse social connections within a community, when talking of property to lease Harcourts has found that there is only occasionally with of middle earnings family houses. "
Harcourts SA offers a full property to hire service, from finding appropriate rental properties for investors and landlords to purchase , matching tenants with the right property to lease, and a full rental service whereby the investors hand over the day by day administration issues to Harcourts.
Gray points towards the Cape West Coast as an example where speculators are currently buying up property to hire because of the industrial 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 looking 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 possibilities for investors who are supplying property to rent in the way of family homes near the IDZ,"In the short term quality properties across the sector will experience demand pressure, which is going to have an effect 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 stockholders asserts Gray. "With interest rates remaining solidly low, mortgages are awfully affordable and landlords 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, in contrast to 20 to 30 years. "
Gray comments that cost is a big issue, though not the only issue, "Many families with good incomes are in the market for property to rent for several reasons, work mobility is a good reason and , the desire to be close to a good school is another reason why folks look for property to rent."
According to Gray, a common family may have their own rental properties, and elect to hire rather than own their own family home. No matter what the reason that people are having a look at property to hire, 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 diverse social connections within a community, when talking of property to lease Harcourts has found that there is only occasionally with of middle earnings family houses. "
Harcourts SA offers a full property to hire service, from finding appropriate rental properties for investors and landlords to purchase , matching tenants with the right property to lease, and a full rental service whereby the investors hand over the day by day administration issues to Harcourts.
Gray points towards the Cape West Coast as an example where speculators are currently buying up property to hire because of the industrial 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 looking 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 possibilities for investors who are supplying property to rent in the way of family homes near the IDZ,"In the short term quality properties across the sector will experience demand pressure, which is going to have an effect 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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