Women are now the prime movers in South Africa’s property market. What else is in the data to guide agents and investors in their decision-making?
According to Lightstone, women have owned or co-owned more than half of SA homes since 2022. Single women also outnumber single men as first-time buyers, and according to Yael Geffen, chief executive of Lew Geffen Sotheby’s International Realty, women are often the primary decision makers when couples buy their first home together.
But it isn’t just a consideration for sales agents. Women also make up a majority of tenants, especially in the lower price brackets, and transaction data from Private Property suggests they are driving recent increases in rental demand. Rental agents and investors should take notice if they haven’t already.
How should agents adapt to the changing market?
With women making up the majority of tenants, rental agents may want to adapt their marketing to appeal to female applicants – and encourage investors to choose or adapt properties with this growing market in mind.
Yael Geffen says that women tend to be very practical when it comes to choosing a home to rent or buy. “Women tend to view a home from a more functional, family-oriented perspective and look for features like a modern kitchen with a practical layout, good sized bedrooms, plenty of cupboard space and a well-equipped laundry,” she says.
According to survey data, women further tend to pick sectional title flats, complexes and townhouses over free-standing homes for safety.
Fortunately for their businesses, many rental agents may already have some insight. According to PayProp’s State of the Rental Industry 2024 Edition report, 76% of residential rental professionals are women.
