You’ll need to find that pot of gold if you want to rent in Camps Bay, one of the neighbourhoods where rent costs an average of R120,000 a month, according to a property report. Picture: Ayanda Ndamane / Independent Newspapers
Could you imagine spending R120,000 on rent for a month?
Well, there are three neighbourhoods in South Africa where the rent for a three-bedroom flat is on average R120,000 – Camps Bay, Clifton and Bantry Bay.
The starting property rental price in the area is R40,000 for a one-bedroom flat, according to the Rodes Report on the SA property market for the second quarter of 2024 (2024Q2).
The report showed that flat vacancy rates on national level averaged at 6.7% in the 2024Q2, which was lower than the 7.9% for 2024Q1. Vacancy rates are lower than the 2023 national level of 7.2%.
On a provincial level, vacancy rates in Gauteng showed a significant decline from 9.4% in 2024Q1 to 7.1% in 2024Q1.
The lower vacancy rates in the province was due to lower vacancies in cities like Johannesburg and Pretoria while flat rentals in the province grew by 2% year-on-year.
The Western Cape province had a low vacancy rate of 2.7% for 2024Q1 which is much lower than the national average.
According to the report, from all of the nine provinces, the Western Cape has the best tenants based on 2024Q1 PayProp data with only 14.2% tenants in arrears.
KwaZulu-Natal had a vacancy rate of 10.1% for 2024Q1, which was lower than the vacancy rate of 11.2% for 2024Q1. The vacancy rate for the province is higher than the national rate of 6.7%.
For the Eastern Cape province, the flat vacancy rate was 6.5% for 2024Q2, which was lower than the 10.4% rate for 2024Q1. The vacancy rate for the Eastern Cape is slightly lower than national vacancy rate.
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