Page 12 - Business Sense-11.2 Brian Howarth- ebook

THE RENTAL MARKET IS

ON THE RISE

Tyson Properties

ight now, the rental market
is heating up in major
Rcentres, with young South
Africans no longer measuring
their success in terms of property
title deeds but rather in steps up
the social and corporate ladders.
Like young professionals
the world over, new comers
to real estate are looking for
convenience, amenities and
3 Bedroom House to let in Westville
flexibility, rather than first time
home ownership. As a result, Stephen Adamo
demand for rentals is growing
and the market is at its busiest the agent with the necessary
since 2018, according to Murray “The advantages of renting in
Haywood, Tyson Properties’ these areas vary. Often, we have supporting documentation:
director for Gauteng and clients who are moving from up payslips, ID, proof of residence
KwaZulu-Natal and national country or relocating to South and bank statements which are
group rental manager. Africa for the first time from used in the vetting process.
another country. Renting allows Check the lease agreement and
“We are seeing more and these clients to understand the make sure that all terms are
more people choosing to areas better before settling down clear before signing.
rent and not buy. The factors and buying a property. ■ Inspect the property – Identify
influencing this extend beyond maintenance issues and
the daunting costs of running a “For those looking to rent larger
house or the consistent expense properties, renting a R15 million document them ahead
of maintenance. The younger plus property tends to work out of signing up or moving in.
generation wants to be fluid cheaper than purchasing. Here, Complete a move in inspection
and follow careers rather than rental allows more flexibility, report or ‘snag list’ of items
be bogged down by bricks and especially if you need to be closer that need to be rectified by the
mortar. They put spare funds into to educational institutions, landlord. If repairs are unlikely,
financial investments which are work, beaches or your individual document any issues so that,
3 Bedroom House to let in Sheffield Beach more liquid,” he says. lifestyle choices,” he says. when exiting, you are not liable

Unsurprisingly, Gauteng, Even amongst locals, he points for damages.
South Africa’s economic hub and out that the rental market in ■ Know your rights and
repository of jobs in corporates, Cape Town and the Southern responsibilities – Familiarize
finance and technology, is the Suburbs is also growing for a yourself with the Rental
most vibrant rental market. myriad of reasons – including Housing Act.
Suburbs such as Sandton access to basic services such as ■ Affordability is key, so know
and Rosebank with trendy electricity, water and transport, your budget. Renting a
apartments, proximity to top security, privacy and proximity property not only includes the
schools, shopping centres and to top schools and places of work. rental itself but also running
good transport links are the “There are also still a few costs, utilities, deposits and
major drawcards. properties in the Southern other fees.
“The ‘rental’ asset class is Suburbs that provide clients ■ Make sure you can meet
growing nationally. Agencies with an abundance of space upfront costs – your deposit,
like Tyson Properties, are without compromising on equivalent to a month’s rental,
making a concerted effort to set location or accessibility. The needs to be paid upfront. You
up rental books and establish market is growing year on year may also need to cover
rental portfolios within their with an 8 to 10% escalation in application and administration
franchise networks. We use rentals per year,” Adamo adds. fees, as well as moving costs.
credible entities establishing Those on the lookout for ■ Keep everything in writing
easy and up to date lease properties to rent can expect – Keep records of agreements
5 Bedroom House to let in Umhlanga Central
agreements, do thorough increased demand for high- with the landlord as well as all
background credit checks and end apartments in city centres correspondence.
are now consistently training as well as very competitive ■ Understand maintenance
our agents so that they know rental prices in desirable areas. responsibilities – Know what
what to look for when renting a Decisions need to be made falls on you versus what the
property and what questions to quickly due to high demand and landlord is responsible for.
ask,” Murray continues. having the right paperwork on ■ Be a good tenant – Pay your

Although popular for different hand will get you over the line rent on time and follow
reasons - natural beauty, ahead of others. building rules.
sophisticated lifestyle, tourism ■ Have a backup plan in case
and expanding tech and creative TEN TIPS FOR RENTERS of unexpected expenses or
sectors – Cape Town and ■ Do your research – job changes. 
Gauteng are both in high demand Understand the rental market
for rental housing. in your chosen area as well as For more information visit
each particular neighbourhood.
Tyson Properties’ rental www.tysonprop.co.za
manager in Cape Town, Southern Make sure that you know
Suburbs, Stephen Adamo, notes average pricing and what is
that areas such as Bishopscourt, expected for extra amenities
Constantia, Newlands (all and services.
southern suburbs) are drawing ■ Prep the paperwork – Get pre-
2 Bedroom Apartment to let in Morningside attention from renters. approved by supplying

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