The annual Tenant Survey Report provides the property sector, including property owners and managers, with insights into tenants' needs, wants, aspirations, and challenges, allowing them to enhance their property offerings and better understand future trends based on consumer inputs. More than 170,000 tenants were surveyed, and 19,000 completed responses were received, making the TPN Tenant Survey Report the largest holistic tenant survey in South Africa.
Men tend to rent in the higher rental value bands with 7.2% paying R3 000 or less a month. Most men rent in the value band between R4 500 and R7 000, with a third renting in the R7 000 to R12 000 rental value bands. Only 0.8% of men pay R25 000 or more a month. “Older respondents are more focused on avoiding debt and being concerned about political stability. Younger respondents, on the other hand, are less concerned about political and financial risk,” says Marcus.More than a third of respondents said their ideal lease structure and terms included a lower rental escalation, with no deposit requirements, but they are willing to commit for a longer lease period.
A more flexible lease option ranks highest in the rental value band between R4,500 and R7,000 but is less attractive amongst tenants renting in the highest rental value bands. The rent-to-own proposition appeals to 26,7% of tenants. What this reveals, says Marcus, is that many people continue to aspire to property ownership. “Property owners therefore need to look at innovative funding models that will appeal to both parties.
Women prefer sectional-titled flats, townhouses, and clusters in a complex to a free-standing house while men prefer free-standing houses, followed by a cluster in a complex, and have the least preference for a sectional title flat or townhouse.
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