A quick summation of the second quarter of 2020 - “varying degrees of
lockdown!” For the month of April it was a hard lockdown, no one moving in and
no one moving out. The month of May saw two relaxations for relocation with
tenants, landlords and agents jumping at the chance to get people moving again.
The TPN Vacancy Survey is polled in the 3rd week of the middle month each
quarter; for Q2 2020 that was 21 – 27 May. This is important to note because
South Africa was out of hard lockdown and the relocation rules were
sufficiently relaxed to allow tenants to move, although property viewings were
still not in place, the market was opening up.
It’s time to submit Vacancies for Quarter 3 – word on the street suggests vacancies are increasing, we need your data input to confirm or deny this!
Many landlords experienced forced vacancies as property
viewings were prohibited and movement restricted, vacancies shot back up over
nine percent to 9.13% from 7.47% the previous quarter. The Reserve Bank expects
“job losses to be widespread”, further impacting the property market as many
tenants look at downscaling or co-sharing options potentially pushing vacancies
up in the future.
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