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Tenants still paying rent, for now, as landlords help and real-term prices drop

22 June 2020 1:22 PM
Tags:
Property market
Personal finance
Property
Clement Manyathela
The Midday Report
residential property
rental property
Rentals
tenants
landlords
Coronavirus
TPN
Michelle Dickens
Lockdown
COVID-19
coronavirus in South Africa
covid-19 in south africa
renting and letting
Tenant Profile Network
tenant payments
Rental escalations

Clement Manyathela interviews Michelle Dickens of TPN, the largest credit bureau that tracks tenant payments in South Africa.

A better-than-expected 73% of tenants will pay their rent during the lockdown, expects Tenant Profile Network (TPN), the largest credit bureau that tracks tenant payments in South Africa.

Before the lockdown, about 82% of tenants paid their rent.

Clement Manyathela interviewed TPM Managing Director Michelle Dickens.

Dickens explains that the better-than-expected numbers are due to landlords granting concessions or deferrals and coming up with creative solutions such as using deposits in lieu of rent.

Many landlords are also offering huge discounts.

At it’s worst, during the global financial crisis, 71% of tenants were in good standing…

Michelle Dickens, Managing Director - Tenant Profile Network

We’re rolling the rent over, then rolling the rent over…

Michelle Dickens, Managing Director - Tenant Profile Network

It’s not as bad as it could’ve been…

Michelle Dickens, Managing Director - Tenant Profile Network

Rental escalations have been so low for so long! They are currently sitting at 2.9%... Going back to 2014, we’ve never seen escalations above about 4% or 5%...

Michelle Dickens, Managing Director - Tenant Profile Network

We’re going to see a lot of downsizing…

Michelle Dickens, Managing Director - Tenant Profile Network

… 70% of tenants rent for below R7000 per month. 54% rent for between R3000 and R7000 per month.

Michelle Dickens, Managing Director - Tenant Profile Network

Listen to the interview in the audio below.


22 June 2020 1:22 PM
Tags:
Property market
Personal finance
Property
Clement Manyathela
The Midday Report
residential property
rental property
Rentals
tenants
landlords
Coronavirus
TPN
Michelle Dickens
Lockdown
COVID-19
coronavirus in South Africa
covid-19 in south africa
renting and letting
Tenant Profile Network
tenant payments
Rental escalations

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