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As Zimbabwe's urban population continues to grow and the real estate market evolves, renters are becoming more discerning about their living conditions and lifestyle needs. Understanding what renters are seeking in today’s market is critical for landlords and property developers looking to attract high-quality tenants and maximise rental returns. This article delves into the top trends shaping the rental market in Zimbabwe, offering insights and examples to help you stay competitive.
1. Affordable and Flexible Rental Options
One of the key factors Zimbabwean renters are prioritising is affordability, especially given the country's fluctuating economic conditions. The high inflation rates in recent years have put pressure on household incomes, making renters more price-sensitive.
Example:
According to ZIMSTAT, the average rent in Harare's central business district (CBD) for a two-bedroom apartment ranges between $300 and $500 per month. However, suburbs like Budiriro or Glen Norah offer more affordable rental options, where a similar-sized apartment costs $150 to $250 per month. Landlords who offer flexible payment plans, such as weekly or bi-weekly rent payment options, tend to attract a broader tenant base.
Trend Insight:
With the growing gig economy, many tenants, particularly young professionals, prefer rental contracts that allow for short-term leases. This flexibility provides them with mobility, enabling them to relocate easily based on job opportunities.
2. Security and Safety Are Top Priorities
As crime rates in urban areas fluctuate, renters are placing a high value on security features. For many renters, especially families and expatriates, living in a secure environment is non-negotiable.
Example:
A property in Borrowdale advertised on Property.co.zw recently attracted tenants within a week due to its comprehensive security features, including 24-hour security, electric fencing, and CCTV surveillance. Properties in secure complexes or gated communities are highly sought after, as they offer peace of mind for residents.
Market Insight:
In areas like Avondale and Mount Pleasant, tenants are willing to pay 10-15% more for properties that offer enhanced security measures. This trend is particularly strong among expatriates and middle-income families who are prioritising safety for their children and belongings.
3. Proximity to Amenities and Transportation
Modern tenants are increasingly seeking properties that are close to essential services and amenities such as shopping centers, schools, medical facilities, and public transportation. Convenience is a key driver for many renters, especially those who do not own cars.
Example:
Rental properties located near major shopping malls like Sam Levy's Village in Borrowdale or Westgate Shopping Mall are in high demand due to their proximity to retail outlets, restaurants, and entertainment options. Additionally, properties near major highways or transport hubs like Fourth Street Bus Terminus in Harare offer tenants easier commutes, making them more attractive.
Tip:
If your property is located near schools or business districts, highlight these points in your marketing to appeal to working professionals and families with school-going children. According to Zimbabwean Property Insights, properties near good schools or public transportation can attract up to 20% more tenants.
4. Modern Features and Amenities
As more developers enter the Zimbabwean property market, tenants are becoming more selective about the modern amenities they expect. Features such as backup power, reliable water supply, Wi-Fi, and solar energy solutions are now essential for many renters.
Example:
In Greendale, properties equipped with solar geysers and boreholes are rented out almost immediately. The frequent power outages and water shortages have led renters to prioritize properties that offer self-sufficiency, even if these properties are priced slightly higher than others.
Trend Insight:
A 2024 survey by Property.co.zw revealed that 75% of tenants in urban areas listed access to reliable electricity and water as their top priority when choosing a rental property. Properties offering these amenities are increasingly seen as essential rather than optional luxuries.
5. Space and Layout
The COVID-19 pandemic brought a shift in how people live and work, with many renters now seeking homes that offer more space for remote work or study. Spacious layouts and homes with extra rooms for home offices or home gyms have become more attractive to tenants.
Example:
In suburbs like Bluff Hill and Highlands, properties with 3-4 bedrooms and additional space for a home office are becoming more popular, especially among professionals and families. These properties often command higher rental prices than smaller apartments or houses without extra space.
Market Insight:
With the rise of remote work, tenants are looking for homes that offer enough space to create a work-life balance. In 2023, rental listings with an extra room marketed as a home office saw a 20% increase in demand, according to data from Zimbabwe Property Market Trends.
6. Eco-Friendly and Sustainable Living Options
With growing awareness of environmental issues, many renters are now actively seeking eco-friendly homes. Properties that use sustainable building materials or offer green features like solar panels, energy-efficient appliances, and water recycling systems are in demand.
Example:
An apartment complex in Newlands, Harare, featuring solar energy, rainwater harvesting systems, and energy-efficient lighting, has been fully booked since its completion. Tenants are drawn to the lower utility costs and the positive environmental impact of such properties.
Trend:
According to Zimbabwe’s Green Building Council, tenants in Harare are increasingly willing to pay 5-10% more for eco-friendly rentals. As electricity and water shortages become more prevalent, sustainable living options are not only desirable but also cost-effective for tenants.
Conclusion
As the rental market in Zimbabwe evolves, understanding renter preferences is key to maximizing property occupancy and rental income. Renters are increasingly seeking properties that are affordable, secure, well-located, and equipped with modern amenities. Additionally, eco-friendly features and flexible lease terms are growing in popularity, driven by economic and social changes.
Landlords and developers who keep up with these trends and meet the evolving demands of Zimbabwean renters will be best positioned for long-term success in the property market. Whether you're renting out a modest apartment or a high-end house, understanding your target market and catering to their needs is the key to maximising your rental income in today’s competitive landscape.
