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Johannesburg - The average property rental price
has increased by 11.5% over the past 12 months, according to the latest TPN
Rental Payment Monitor.
TPN Credit Bureau says good news for property investors and property
managers of all sizes throughout South Africa is that rental payment trends
have continued to improve slightly through the second and third quarters of
2009.
Year-on-year figures show an improvement of 6% of tenants in good
standing, with a 3% improvement from Q2 alone.
Tenants considered to be in good standing are those tenants who pay in
full either on time or by the end of the month.
According to TPN, the national average of tenants who do not pay
anything towards their rent had declined from 19% to 12%.
"At TPN Credit Bureau, we are of the opinion that the majority of
tenants want to pay their rent on time and in full. Unfortunately the
current economic climate has created external factors that have added
extraordinary pressure onto many tenants' abilities to meet their entire
monthly financial obligations including rent, such as retrenchments, pay
cuts or shorter working weeks.
"We have nevertheless noted that property investors or managers who
follow strict and appropriate tenant acquisition and affordability
assessments are best placed with quality tenants and quality collections, in
addition to instituting proper collection and management processes;
systems, statements, communications and banking support," TPN said.
- I-Net Bridge