When I read the TPN Vacancy Survey Q2 2021 a few months back in preparing for a Rental Market Update presentation for Rental Training Club members, I was shocked to see that Sandton had a rental vacancy rate of 26.7%! 1 out of every four rental properties in Sandton was empty!
Here’s the data to prove it . . .
Little did I know that Sandton was going to shock me again . . .
Looking at the figures one quarter later (Q3 2021), the vacancy rate in Sandton had dropped to only 10.2%! I could hardly believe the facts, but here they are . . .
So, how did they achieve this? By dropping rental prices! The average rental price is back to the value it was in 2017 – so landlords had to reduce their asking rentals to get properties tenanted.
As agents, we know the importance of meeting, or listening to, the market, but this example provides factual proof of that truism!
Here’s Michelle Dickens, MD of TPN, explaining this huge reduction in vacancy rates in Sandton . . .