Top-end rentals rising
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.