Shortage of Residential Rental Properties in Mossel Bay
With regard to major regions' property market performance, Property Economists believe that the Western Cape province could be the likely outperformer in 2022. "We base this expectation on the belief that the Western Cape's ability to attract semigrant skills and purchasing power, crucial for economic growth, has recently been enhanced.
"The Western Cape has been the most popular semigration destination for many years now, due to the perception of the province as having a great lifestyle coupled with significant economic opportunity. It has also been seen to be a region where provincial and local government is relatively well-run."
And as time has passed, communication and information technology has enabled businesses and individuals to be more removed from the major economic hub of Gauteng.
"In 2021, the unrest and looting in KZN and Gauteng may have further enhanced the relative appeal of living and doing business in the Western Cape, a province that largely escaped that event. In addition, the City of Cape Town is the only one of the major 6 metros that has emerged from the recent local government elections with its ruling party having a clear majority, and thus free of the uncertainty of coalition politics."
Mossel Bay, in particular, but the Garden Route in general; continues to attract significant migration by families seeking a more stable local government environment. This has resulted in major rental price hikes and of course, a subsequent shortage in residential rental properties available.