Demand for property to rent is experiencing a high, according to Harcourts South Africa CEO Richard Gray, with entry level property prices of R400,000 being out of the reach of many young pros on the Western Cape.

With middle class consumers paying from R750 000 to R1.6m for a family home, demand for property to rent is receiving attention from financiers claims Gray. „With rates remaining solidly low, mortgages are extraordinarily affordable and who can afford a family home in a good area are discovering they can pay their investment off in 10 to 15 years on a property to hire, as opposed to 20 to 30 years. “

Gray comments that cost is an enormous issue, but not the only issue, „Many families with good incomes are in the market for property to lease for many reasons, work mobility is a good reason and also the want to be close to a good school is another reason why people look for property to rent.“

According to Gray, a normal family might have their own rental properties, and make a choice to lease rather than own their own family home. Irrespective of the reason that people are taking a look at property to rent, Gray claims that there are is a large demand for property to rent and that many of the tenants are in higher revenue bracket with stable employment.

„Landlords favour a tenant with stable employment and various social connections within a community, when talking of property to rent Harcourts has found that there is only occasionally with tenants of middle income family homes. “

Harcourts South Africa offers a full property to hire service, from finding acceptable rental properties for speculators and landlords to purchase , matching tenants with the right property to hire, and a full rental service whereby the stockholders pass over the daily administration issues to Harcourts.

Gray points towards the Cape West Coast as an example where backers are at present getting property to lease thanks to the commercial development area (IDZ) at Saldanha being given the green light, „Over the next 20 years it is anticipated that there will be an in-flow of young qualified folks hunting for higher density housing units due to employment opportunities coming from the IDZ. “

Gray says that the existing residential housing stock is also at capacity and there are opportunities for stockholders who are offering property to hire in the way of family homes near the IDZ,“In the short term quality properties across the sector will experience demand pressure, which is going to have an impact on price,“ concludes Gray.

Harcourts S. A. offer property for sale, property to rent,homes for sale, commercial leasing, rural property sales, lifestyle real estate and business for sale right across South Africa.