While consumer confidence dipped in Q2, residential rental vacancies remained stable overall. National vacancies increased slightly between the first and second quarters of 2023, from 6.19% to 7.27% in the second quarter. Properties at the lower end of the rental value band continued to have the highest number of vacant units in Q2, this figure has almost doubled since the first quarter of the year and is leading the vacancy growth trend. Provincially, the Western Cape retains its position as the province with the lowest number of vacant units and the highest TPN Market Strength Index, while KZN experienced an increase in vacancies and currently has the lowest occupancy rate in South Africa. All things considered, the residential rental market has remained strong, particularly considering the economic pressures facing consumers.
