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MONEYWEB app instead? ‘Double whammy’ sees City Bowl market under unprecedented pressure. By Moneyweb 23 Jun 2021  00:02  Oversupply is driving down rentals as tenants are in a position to shop around for a better deal. Image: AdobeStock Residential vacancy levels in Cape Town soared to 28.8% in the second quarter, new data from TPN shows. This means between one in three and one in four rental units are standing empty. These unprecedented levels have helped push up the province’s (in effect Cape Town and the Winelands) vacancy rate to 14.4%, the first time this has been in double digits. Michelle Dickens, CEO of the credit bureau, says “the Cape Town story is a double whammy of increased supply caused by converting short-term holiday rentals into long-term lets and work-from-home opportunities, which allow tenants to relocate to the more affordable northern suburbs”.

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