A survey conducted by TPN Credit Bureau shows that vacancy rates in South Africa’s rental market dropped for the fourth quarter of 2022, highlighting the best provincial rental markets in the country.
According to the credit bureau, the Western Cape remains the best rental market, reflecting its lowest vacancy level since 2016 at 2.13% – 6% below the national average. This high level of demand in the province meant KZN decreased its vacancy rate by a notable margin, ending the year at a mere 3.26%, well below the national average of 8.13%.
The Eastern Cape reflected the worst vacancy rate, with a record high of 17.82% in Q4 2022, almost 10% above the national average. The credit bureau pointed to rising interest rates and stagnant salaries as the main reason many South Africans could not afford to buy property.