Local reports speculate that the rental market is about to come of age, and that rental demand will expand over the next few years.
The current market in the mean time shows that rental demand was sagging late last year; and reports in the US confirm that Landlords and property managers have never faced so many tenants seeking rent reductions, and fear of losing tenants is persuading them to negotiate. Trading a rent reduction for a lease extension is one way for both parties to get what they want.
Consistent with the US reports, the findings of TPN Credit Bureau in its Rental Payment Monitor for the Fourth Quarter of 2008 show that on a national average 54 percent of tenants paid their rent on time in the third and fourth quarter of last year.
Real estate has always been a solid long term investment and the buy-to-let market will once more be appealing as the rental market expands.
