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Johannesburg - The number of consumers in good standing with their credit agreements has declined to 58.4%, according to the results of the latest report from the National Credit regulator released on Monday.
This represents a deterioration of 3.9% year-on-year.
According to the report, the number of consumers applying for debt counselling recently exceeded 65 000 individuals.
"The property rental market has not gone unscathed," said TPN Credit Bureau.
"Nevertheless, the has been a slight and welcome improvement in the number of tenants making full and timeous rental payments, up from 54% in the previous quarter to 57%," the bureau said. It speculated that this could be due to tenants trying to maintain positive credit records.
Further analysis indicated that rentals paid on time had stabilised, with some provinces showing better-than-average improvements.
According to the report, rentals paid on time in the Western and Eastern Cape had increased to 61% and 65% respectively.
However, the report said that while there had been a general increase in the number of tenants paying on time, the change to the overall picture remained negligible due to a sharp increase in the number of non-paying tenants, up 5% to an alarming national average of 19% of tenants paying no rent at all.
The most affected areas were KwaZulu-Natal, at 21%, and Gauteng, at 20%, it said.
- I-Net Bridge