If you live on the Atlantic Seaboard and have noticed the area has been a bit more quiet than usual, it’s probably because one in every four homes is now vacant. This discovery was made by credit bureau TPN, which compiles a Vacancy Survey each quarter, which reflects how many homes in an area are unoccupied.
One in every four properties translates to a vacancy percentage of 24.4%, the bureau found. This also makes it the worst-performing area in the survey.
In the Cape Town area, 17% of houses are vacant. The Southern Suburbs have fared slightly better, with a vacancy percentage of 15.2%, while the Northern Suburbs is at 5.1%.
However, it is not just the Atlantic Seaboard that is suffering, as a steady increase in empty houses has been noted across the country over the past two years.
According to MoneyWeb, the percentage of unoccupied homes was at 8.97% in the fourth quarter of 2019. This has increased to 12.91% in the fourth quarter of 2020. The luxury market is where the real pain is being felt, as one in every five rentals above R25 000 per month is now vacant.
Sandton is another area that has been profoundly affected, as vacancy rates are as high as 22.4% there.
To see the full report, click here: Vacancy Survey 2020 Q4