Multigenerational Living and Short-Term Rentals Reshape Property Market

In South Africa, the evolving landscape of real estate is significantly influenced by multigenerational living and the prospect of short-term rental income, with both trends significantly affecting property buying behaviour.

According to Alexa Horne, Managing Director of DG Properties, there is a noticeable shift towards properties that accommodate flexible living arrangements. These include adaptable spaces within the home that can easily be converted into independent living units like flatlets or self-contained rooms. The adaptation could involve transforming garages, lofts, and even pool houses into liveable spaces.

Multigenerational living, where different generations of a family live under one roof, is becoming increasingly prevalent across diverse South African cultures. Economic pressures, the rising costs of homeownership, and the benefits of shared expenses are compelling families to cohabit. This arrangement not only helps in financial sustenance, but also provides emotional and practical support. Aging family members receive companionship and care, while they in turn can assist with childcare and household tasks, enhancing family bonds and mutual support among generations.

The trend is underscored by the growing demand for houses on larger plots, allowing for the development of separate dwellings or extensions, thus accommodating extended family units. This trend is further expected to grow as life expectancy increases, making multigenerational living a viable long-term solution.

Simultaneously, the allure of generating extra income through short-term rentals is gaining traction. Homeowners are increasingly converting parts of their residences into rental spaces, utilizing platforms like Airbnb to attract short-term tenants, particularly in tourist-frequented areas like Cape Town. This not only offers a lucrative alternative to long-term leasing, but also provides flexibility in managing rental availability.

As these property trends evolve, they are likely to influence future real estate developments and property evaluations, prioritizing adaptability and multifunctional living spaces to meet the complex needs of modern South African households.

Source: The Newspaper

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