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A new survey by landlord-tenant matching platform Flow among 80 000 residential tenants on their database in South Africa, found that, due to the impact of the coronavirus pandemic, only 37 percent can afford to pay their rent in full in May, while 22 percent said they cannot pay their rent at all.
During a webinar hosted by FlowFindings yesterday, Pam Golding Properties CEO Andrew Golding said they are finding about 20 percent of their tenants not able to pay their rent. At the same time, it’s hard to predict the impact of the lockdown on both sales and rentals, as it’s still early days.
“People are having to find creative ways to pay what they can. Some say they are borrowing money from friends or family or extending the terms of personal loans,” said Golding.
He expects that, going forward, more people will be looking at renting than buying, due to affordability concerns against the backdrop of the impact of the pandemic on the economy. About 42,72 percent of tenants surveyed by FlowFindings said they are relying on their salaries to pay their rent. —fin24.com
Online Reporter