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Landlords and tenants alike suffer Covid-19 cash crunch

Business News 2 months ago

Managing director of Trafalgar Property Management Andrew Schaefer expects the rental market, under pressure even before the lockdown, to get worse.


28 May 2020
PREMIUM!
Landlords and tenants alike suffer Covid-19 cash crunch

Picture: iStock

With millions of South Africans temporarily or permanently out of work due to the national lockdown to limit the spread of the coronavirus which causes Covid-19, only 37% of the country’s tenants have been able to pay rent in full, while 22% could not afford to pay at all. According to the FlowFindings survey, conducted this month by residential rental platform Flow, both the high-end market – rentals above R12,000 a month – and the low-end market – R2,000 to R3,999 a month – were affected. The survey of 22 questions was sent to more than 80,000 registered tenants and...

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