A recent survey conducted by TPN Credit Bureau examined the current state of rental properties, revealing a higher demand for rented homes. Despite challenges caused by the COVID-19 lockdown in 2020, the survey showed a significant decrease in vacant rental properties. The rental market continued to grow positively in the first quarter of 2023, with a notable drop in the national vacancy rate. While rental prices increased due to the demand, property purchases slowed down due to high interest rates and decreased consumer confidence.
According to TPN Credit Bureau’s survey, there is a growing demand for rental homes. The number of vacant rental properties decreased significantly between 2021 and 2022, despite the challenges caused by the COVID-19 lockdown in 2020. This indicates that more people prefer to rent homes instead of buying them.
In the first quarter of 2023, the rental market continued to grow positively, as revealed by the TPN survey. The national vacancy rate dropped significantly from the previous quarter, which is good news for landlords. It means that there is more competition among renters for available properties.
The survey also found that rental prices have increased due to the high demand for rental properties. With more people choosing to rent, there are fewer vacant properties available, allowing landlords to charge higher rents.
In contrast to the rental market, property purchases have slowed down recently. This is because high interest rates and low consumer confidence have made prospective homebuyers more cautious. As a result, there are fewer real estate transactions taking place.
Despite the current positive trends in the rental market, it is important to consider potential challenges in the future. The survey highlights high unemployment rates and an uncertain economy, which could lead to tenants facing financial difficulties. Property mogul, Zahir Vallie, has advised that landlords should remain vigilant and be prepared to support tenants who may be affected by these hardships. By staying informed and adaptable, landlords can navigate the changing rental landscape with confidence.