New data from PayProp paints a bleak picture for tenants – with only one province in South Africa showing a decline in rental growth.
A further illustration of the dire rental situation people are finding themselves in is that nationally, according to PayProp, tenants spend 28.8% of their income on rent, this being up from 28.3%.PayProp said that the percentage of tenants in arrears has risen from 18.1% to 18.3% compared to the previous quarter, while the average amount owed as a percentage of the average monthly rent in their province is also worse than in Q4 2022.
PayProp said the overall national rise was predominately driven by both the Free State, where arrears increased from 22.3% to 26.7%, and the North West, where arrears increase from 16.30% to 22.80%.The Eastern Cape saw an above-average year-on-year growth of 4.5%, with an average rent of R6,650. In terms of rental distribution, the largest portion of the rentals is between R2,500 and R5,000 a month, with the upper, more expensive brackets not being nearly as popular.The economic hub of South Africa had one of the slower st rental growth in South Africa, at 3.1% – up to R8,641 on average.
“KwaZulu-Natal’s distribution of rental prices is almost exactly in line with the national average. This position also changed very little between Q1 2022 and Q1 2023. However, there
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