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'n Opbrengsmodel vir 'n huurhuisportefeulje vir Transnet behuising

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dc.contributor.author Pienaar AAC en
dc.date.accessioned 2016-09-22T07:16:25Z
dc.date.available 2016-09-22T07:16:25Z
dc.date.submitted 1997 en
dc.identifier.uri http://hdl.handle.net/20.500.11892/9845
dc.description.abstract Owing to the enormous need for housing in South Africa, the question arises whether an investment in a rental house is an economically viable option, given the prevalent risks in the property market. Businesses like Transnet, Eskom and Iscor, due to social and welfare reasons, have built houses countrywide to rent to their employees at nominal tariffs. Privatisation forces these businesses to manage their assets optimally in order to maximise the interests of shareholders. The principle aim of the study, through study of literature and empirical research, is to develop a return model for rental houses. The model is used to predict the future return that can be expected from an investment in a rental house. Simultaneously industry norms are formulated to optimally manage a rental house portfolio. The output of the open rental house system consists of capital growth and netto income return on investment. Capital growth is a function of supply and demand, the business cycle, inflation and the physical, locational and institutional characteristics of the property. The net income return depends on the demand for rental property, offset by expenditure such as insurance, property rates, administration cost, maintenance and income tax. The empirical research substantiates that a decrease in interest rate alone does not ensure a real increase in house prices. Consumer confidence has to be positive as well as for year-on-year house prices to exceed the inflation rate. It is expected that a decrease in bond rates will, for the first time in 20 years, result in an increase in real house prices. The return model shows that a total nominal return of 8.35% per year over the next 5 years can be expected on an investment of R104 778.30 in property located in the Johannesburg area. It is concluded that, taking cognisance of the risks involved, an investment in a rental house is not an economic proposition. It is suggested that Transnet Housing divests itself of its rental housing stock and for the interim applies the industry norms, as formulated in the dissertation, to ensure that the portfolio is optimally managed. en
dc.language Afrikaans en
dc.subject Business administration / Business leadership en
dc.subject Financial management en
dc.title 'n Opbrengsmodel vir 'n huurhuisportefeulje vir Transnet behuising en
dc.type Masters degree en
dc.description.degree MBA en


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