National residential rental vacancies fell to 5.07% in the third quarter of 2024, the lowest since the TPN Vacancy Survey started in 2016. Limited new supply and strong demand kept vacancies low in this quarter, with properties under R12,000 a month seeing notable improvements.
The R7,000 to R12,000 rental band recorded the lowest vacancies at 3.4%, while luxury rentals faced increased pressure, with vacancies in properties over R25,000 surging to 12.03%.
The Western Cape led with the lowest vacancy rate and strongest rental growth. All in all, cautious investment and high interest rates continue to limit supply, balancing the market and preventing a rental bubble from emerging.
Download the Vacancy Survey Report Q3 2024 for a comprehensive analysis of the trends shaping the residential rental market.