Residential rental vacancies in South Africa rose to 6.72% in the second quarter of 2024, up from 4.42% in Q1, as economic pressures and evolving consumer behaviour impacted demand across all provinces and rental value bands. The sharpest increases were seen in KwaZulu-Natal and the Eastern Cape, while Gauteng and the Western Cape reported vacancies in line with the national average.
Despite the higher vacancy rate, the average annual vacancy rate for the first half of 2024 remains the lowest since 2016, reflecting ongoing resilience in the rental market. The TPN Market Strength Index showed a slight improvement, with demand still outpacing supply, especially in the luxury rental segment.
Download the Q2 2024 Vacancy Survey Report for a comprehensive analysis of the trends shaping the residential rental market.