Strong demand for City Bowl rentals even though prices are high

A STEADY and strong demand for rentals in the City Bowl, makes this a lucrative area for would-be investors, according to Greeff Rentals principal, Glenda Taylor.

“City Bowl properties offer easy access to the inner city and its nightlife, the Atlantic seaboard beaches and the convenience of MyCiti transport,” says Taylor.

“One- bedroom, no frills type apartments are being let at R7 000 to R10 000 a month. Parking is not always included in the rental price as it is scarce in the City Bowl, and parking can add R800 to R1 000 to the rent.”

Greeff'’s rental agent in the City Bowl, Matthew Taylor says that two-bedroom apartments are attracting rentals from around R11 000 to R15 000 a month, but some sought-after blocks achieve up to R20 000 for two-bedroom units.

“Houses in Tamboerskloof may draw rentals from R20 000 to R40 000 a month, and those in Higgovale attract rentals from R30 000 to R60 000.

“These are approximate figures though, and rentals vary enormously in the City Bowl, though they do tend to be higher in apartments and properties closer to the mountain,” says Taylor.

“Would-be tenants looking in the City Bowl often place a premium on renovated and decorated spaces, so the more care landlords have taken with properties, the higher the rental is likely to be, sometimes in spite of the inferior state of the rest of the building, in the case of apartments.”

Among those wanting to rent are students at the art, design or advertising tertiary institutions in the area.

Many students share City Bowl spaces as rents are often unaffordable for one tenant. Dual- income young professionals are also among the tenants, says Taylor.

“Stock is in short supply, though and rental units that are priced right can be snapped up in a matter of days.”

Taylor says that tenants wanting to secure a space should ensure that they are prepared by having the following documents ready:

● Bank statements for the past three months.

● A copy of their identity document or passport.

● Proof of income or payslip. ● Proof of address. ● A completed application form.

“Although demand exceeds supply, and landlords can be very selective about tenants, landlords should not take this situation for granted,” says Taylor.

“It’s vital that lease agreements be viewed as a relationship born out of mutual respect in which the needs of both parties are served.

“Correct market related pricing is vital to ensure a long-standing lease with tenants who are considerate and reliable when it comes to timeous rental payments.”

Glenda Taylor says: “If your tenants feel cheated because you’re charging a higher rental than the going rate for comparable properties, you run the risk of losing your tenants as they will seek alternative accommodation or you might find that your property is not well maintained.”