Top-end rentals ris­ing

Financial Mail - Investors Monthly - - Opening Bell -

The well-heeled are seem­ingly no longer averse to fork­ing out up to R200,000/month to rent a de­signer home in the right lo­ca­tion. Pam Gold­ing Prop­er­ties (PGP) has a three-level home in Fres­naye on Cape Town’s At­lantic Se­aboard to rent for a whop­ping R200,000/month. De­signed by a lead­ing ar­chi­tect over two plots, the prop­erty has a state-of-the-art home the­atre, a gym, el­e­va­tor ac­cess to all lev­els, a vine­yard, wine-mak­ing stu­dio and a wine-tast­ing room.

Dex­ter Leite, PGP rentals man­ager for the Cape re­gion, says the group’s Western Cape rental divi­sion has re­ported its best trad­ing year on record with turnover up 19% for the year end­ing Fe­bru­ary.

Top homes in Bish­op­scourt, Con­stan­tia and the At­lantic Se­aboard typ­i­cally fetch be­tween R80,000 and R150,000/month, while high-end apart­ment rentals in Mouille Point, the Wa­ter­front, Bantry Bay, Camps Bay and Clifton range from R30,000/month to R150,000/month.

Rental prop­er­ties in some of Jozi’s big-ticket sub­urbs and gated es­tates are also fetch­ing record prices. For in­stance, new golf and life­style es­tate Steyn City on the out­skirts of Four­ways has se­cured a num­ber of leases to multi­na­tional cor­po­rate ten­ants at R80,000/month or more. Two lux­ury homes were re­cently rented out at R120,000/month and R130,000/month re­spec­tively.

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