Huge demand for rental houses in Cape Town
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.