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FIFI PETERS: It is Property Tuesday today, and we’re talking about landlords. It does seem that the landlords – in the residential market in particular – have been having it pretty okay. If we take vacancies as anything to go by, we are seeing that vacancies of residential properties are currently sitting at their lowest levels in around six years. That is according to the TPN Credit Bureau Vacancy Survey, which was recently released. We have Waldo Marcus, who is the industry principal at TPN Credit Bureau, with us to dig further into the survey.
Waldo, thanks so much for your time. According to your report, we have seen a decline in vacancies across the board at a national average level, declining to around 6.76% in the third quarter of 2023. So perhaps just paint the fuller picture for us and tell us where vacancies are coming from.
WALDO MARCUS: Yes, in the TPN Vacancy Survey for Residential Properties specifically. So if we look at vacancies from big listed entities that have 7/8/9 000 units, and then all the way down to smaller investor landlords who sit with one or two units, what we’ve seen is one of the lowest recorded vacancy rates for this specific quarter, the third quarter, since 2017. So it has decreased from the previous quarter, where it was sitting at 7.27%; quarter three was sitting at 6.76%. And to give the listeners an idea, the last time we saw these low numbers for a third quarter was in 2017.
So overall, we’ve seen strong demand, and that demand remains very buoyant for