Rode’s Property Report revealed that national rental vacancies during the second quarter of 2024, are seeing historic lows.
The Western Cape, specifically Cape Town, has the lowest rental vacancy rates in South Africa, with certain upmarket units found in prestigious neighbourhoods.
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The data from Rodes showcased that flat vacancy rates on a national level decreased from 7.9% in the first quarter of 2024 to 6.7% in the second quarter.
Thereby, vacancy rates have fallen below the average of 2023, which stood at 7.2%.
The Western Cape continues to go against the grain as its vacancy rate amounts to a mere 2.7% in the second quarter of 2024, which is well below the national average.
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Business Tech reports that the Western Cape also has the best tenants in comparison to the rest of the country.
This is because only 14.2% of tenants appear to be in rental arrears.
In 2024, several property experts noted that High-Net-Worth Individuals (HNWIs) are more often choosing to rent rather than purchase houses across Cape Town’s Atlantic Seaboard.
This decision is often owed to factors such as frequent relocation and dynamic lifestyles. The trend is further spurred on by the global increase of work-from-home positions.
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The option to rent allows individuals to receive the benefits of luxury living without the cost of long-term commitment, which is attached to ownership.
Renting reduces risk exposure to the volatile real estate market.
According to the report released by Rode, some of the highest rental costs are located in Camps Bay, Clifton, Bantry Bay, Sea Point, Green Point and Three Anchor Bay.
Rent for standard units ranges from R11 250 per month for a one bedroom to R43 000 per month for a three bedroom.
Rentals for upmarket properties, however, are significantly higher.
In Camps Bay, Clifton, and Bantry Bay rent averages R40 000 per month for a one-bedroom to R120 000 per month for a three-bedroom.
Property24 has reported that over 90 rentals are listed north of R100 000 per month.
There are some rentals which cost a whopping R300 000 per month.
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