Rentals across South Africa saw their inflation convert to deflation in the 4th quarter of 2020. On a national average, TPN’s average rental value deflated by -0.75% year-on-year in the 4th quarter of 2020. This represents the first quarter of deflation following 13 consecutive quarters of slowing year-on-year inflation. The 2021 national budget delivered against the backdrop of a significant economic contraction in the second quarter of 2020, rising debt to GDP and South Africans in a weakened financial position together with the highest unemployment rate on record, we well and truly went over the cliff.
