Huge de­mand for rental houses in Cape Town

Weekend Argus (Saturday Edition) - - PROPERTY -

AF­TER re­port­ing a busier- thanex­pected win­ter sea­son for res­i­den­tial prop­erty sales in Cape Town, Pam Gold­ing Prop­er­ties (PGP) now con­firms that the res­i­den­tial rentals mar­ket was also busy this year.

PGP’s rentals man­ager for the Cape Metro re­gion, Dex­ter Leite, says the south­ern sub­urbs, City Bowl and At­lantic seaboard were par­tic­u­larly pop­u­lar, and busi­ness re­mained buoy­ant from May to Septem­ber. Dur­ing this five-month pe­riod, PGP’s rentals di­vi­sion con­cluded more than 500 lease trans­ac­tions in the Cape metro re­gion.

Leite says de­mand is high across a num­ber of price ranges and in a num­ber of dif­fer­ent ar­eas, re­sult­ing in stock short­ages in sev­eral sub­urbs.

“Fam­ily homes in the south­ern sub­urbs and City Bowl re­main con­sis­tently pop­u­lar,” he says, “thanks to their cen­tral lo­ca­tion and ac­cess to top-qual­ity school­ing. Clients are pre­pared to pay top rates for apart­ments in up­mar­ket se­cure build­ings with un­fet­tered views in the City Bowl and At­lantic seaboard sub­urbs. There is also no­tably high de­mand for fam­ily homes in se­cure es­tates in Tokai and West­lake, which of­fer a se­cure life­style as well as easy ac­cess to the Red­dam and In­ter­na­tional schools.”

Sev­eral leases have been con­cluded with in­ter­na­tional clients work­ing on con­tract in South Africa, and with busi­ness­peo­ple mov­ing to the Cape, who pre­fer to rent ini­tially while they as­sess where to buy. PGP has also re­ceived nu­mer­ous en­quiries for cor­po­rate/ ex­ec­u­tive rentals.

Among the leases con­cluded by PGP from May were:

● R78 750 a month for a house in Bantry Bay.

● R58 300 and R40 000 a month for two apart­ments at the V& A Water­front.

● R55 650 a month for a house in Fres­naye.

● R55 000 and R40 000 a month for two homes in Stone­hurst Es­tate, Tokai.

● R54 000 a month for a house in Llan­dudno.

● R45 000 and R40 000 a month for two houses in Camps Bay.

● R45 000 a month for a pent­house in cen­tral Cape Town.

● R38 000 a month for a house in Ke­nil­worth.

● R36 200 a month for a house in Hig­govale.

● R35 000 a month each for four

to Septem­ber houses in Clare­mont, Ke­nil­worth, Bish­op­scourt and Tokai.

Another source of sig­nif­i­cant de­mand is stu­dents, and Leite con­firms his team has al­ready con­cluded a num­ber of stu­dent rental deals for next year, mainly in the south­ern sub­urbs and City Bowl.

“Most of the prop­er­ties ap­pro­pri­ate for stu­dents al­ready have ten­ants se­cured for the year, al­though there are a few still avail­able,” he says. “En­quiries in this mar­ket usu­ally con­tinue well into Fe­bru­ary, as this is when most in­sti­tu­tions be­gin their aca­demic year.”

Leite says that into the fi­nal quar­ter of the year, his team has had more en­quiries from would-be land­lords want­ing to rent out their prop­er­ties, mainly for long-term rental in­come, but a few seek­ing short­term hol­i­day lets.

PRICEY: This five-bed­roomed Bish­op­scourt home is avail­able to let at R75 000 a month.

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