As our pockets bear the brunt, it comes as no surprise that Cape Town dominates the list of the most expensive areas to rent in South Africa, with the top two spots belonging to just one area in the Mother City – The Atlantic Seaboard.
This is according to the latest Rode’s Report on the South African Property Market for the first quarter of 2024, which was released earlier this week.
Also read: Cape Town areas dominate list of most expensive rental properties
According to the report’s findings, the national flat vacancy rates in South Africa, which had from 6.9% to 8.1% in the last quarter of 2023, have dipped slightly to 7.9% in the first quarter of 2024.
This, however, still stands above the average 7.2% rate of 2023.
On a provincial level, the Western Cape continues to stand out in the first quarter of 2024 due to its low flat vacancy rate of 2.3%, with Cape Town’s vacancy rate averaging 2.5% while Gauteng averaged 9.3% and KwaZulu-Natal averaged 11.2%.
This figure can be attributed to semigration’s boosting demand for renting and buying properties in the Western Cape, which also has the lowest unemployment rate in the country, reported BusinessTech.
As per the publication, Cape Town is also home to the four most expensive areas in the country, which are currently rented.
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In the last quarter of 2023, the Waterfront was the most expensive area to rent in SA, with an average rent for a two-bedroom apartment of R32 000. This was followed by Cape Town’s City Centre (R21 000), Hout Bay (R20 000) and Heatherlands in George (R16 000).
This year, the latest Rode’s Report includes data for rent along the Atlantic Seaboard, which subsequently took the top two spots on the list.
On average, renting a two-bedroom upmarket apartment in Camps Bay, Clifton and Bantry Bay will cost R75 000 per month – the most expensive in the country.
Following this, rental for two-bedroom apartments in Sea Point, Green Point and Three Anchor Bay will cost R35 000 per month.
Cape Town’s City Centre drops from second place to third with an average rent of R24 000 and Hout Bay gets bumped down to fourth place with an average of R22 000.
Making up the rest of the top ten most expensive areas to rent in South Africa, Heatherlands in George (R16 000) and the Groenkloof area in Pretoria (R15 000) are the only areas not found in Cape Town.
The top ten most expensive areas to rent a two-bedroom upmarket apartment can be found below, as per BusinessTech:
Area | Rent |
Camps Bay/Clifton/Bantry Bay, Cape Town | R75 000 |
Sea Point/Green Point/Three Anchor Bay, Cape Town | R35 000 |
City Centre, Cape Town | R24 000 |
Hout Bay, Cape Town | R22 000 |
Heatherlands, George | R16 000 |
Groenkloof/Brooklyn/Most Waterkloofs/Erasmusrand, Pretoria | R15 000 |
Muizenberg/Kalk Bay/Fish Hoek, Cape Town | R15 000 |
Milnerton Royal Ascot, Cape Town | R14 000 |
Rondebosch/Rosebank/ Claremont, Cape Town | R14 000 |
Kenilworth/Wynberg/Plumstead, Cape Town | R13 900 |
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Also read:
Western Cape reigns supreme as SA’s top retirement destination
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