Tenants: Property value plummets

and varied but the one that stands out is the devaluation of property values by the tenancy system. Tenants or lodgers have caused irreparable damage to properties with some costs running into thousands of US dollars. What they pay in rentals cannot cover the repairs and renovations to keep the original value of properties. The outcry about the increase in rentals is misplaced. What maybe happening is that the owners of properties may not have caretakers or companies that are contracted to look after the properties to keep them in good condition.
One owner of a block of flats, employees a plumbing company to repair and to upgrade the plumbing system all the time. The inside walls of the flats are painted to the requirements of the tenants. Under such conditions there is no way tenants can fail to look after the flats and keep them in good condition.
Another requirement is the number of occupants allowed on the lease agreement. A situation where a two bedroom flat should have a maximum of five people is strictly applied. In some flats up to ten people can occupy – overcrowding will lead to the damage of the plumbing system.
What is of concern maybe not due to tenants’ fault but to the landlords that want to maximise profits by increasing the number of occupants especially, renting a house. In our residential street over fifteen people occupied a four-bedroom house. The damage to the house after the occupants are given their marching orders is quite considerable. Not only that, payment of water and electricity bills is a problem, the garden and the general surroundings of the property are left in a deplorable state.
Not only does this lead to the devaluation of the value of the said property, but the value of surrounding properties is also affected. But do the owners of these rented properties have any conscience as to the damage there are causing to other innocent property owners? Even if one occupant takes over, in most cases, other families are invited to share the rental charges, sometimes, against the wishes of the owner of the property.
Another aspect is that the tenants start changing the general outlook of the area by planting maize along the street, a development that even the city councils do not approve. Many people complained bitterly about the Operation Murambatsvina which uprooted many people from occupying shacks and illegal dwellings against City Council regulations. The clean up exercise was necessary, not only for health reasons but also to bring order and restore the values of properties that had been eroded.
When anarchy is allowed to take root in the city and its environs, property values plummet. The net result is that business people flee to settle in an environment which they can control, like renting offices in residential areas. For example, many office blocks have been built in the suburbs by property developers to cater for clients that need the peace of mind from the dilapidated city buildings that may have to be pulled down due to neglect.
No one will be willing to buy such dilapidated buildings whose value may have gone down costing the original owners a fortune in lost revenue. What then can be done to restore the economic value of properties? It is sad that the city councils evaluators do not see the revenue that they are losing if these properties are left unrepaired. Maybe, it was better to adopt the former proposal that residents pay rates for land rather the value of developed properties.
But that is not the answer to the loss in value of properties due to neglect either by the owners or by the tenants. Many tenants could not care less about taking care of the properties. Some tenants go to the extent of hiring their own gardeners to look after the properties they rent. Sometimes, they will appear to be the rightful owners of the properties by the way they treat the property as though it was their own. Such tenants are rare but their actions are quite commendable.
In the high density areas, many tenants do not respect the values of the properties they occupy. Overcrowding is the norm not the exception to the rule. The general deplorable state of the properties is a health hazard especially with outbreaks of water-borne diseases, such typhoid, reported recently in Harare.
Other households, although they occupy their houses, have resorted to renting out the out buildings such as, the servants quarters. This has led to too many people occupying the same property. Once again, the sewerage system was never meant for so many people occupying one property. At these properties, illegal gardening of crops is taking place.
What can the municipalities do to bring order to the suburbs and the city areas? Should property lose its value due to neglect by tenants or overcrowding? What will be the purpose of investing in property only to see it destroyed? Owners of properties play a vital role in providing rented space in developing a modern economy. The general neglect of these properties will lead to the devaluation of monetary values of other properties in the vicinity.