Properties on Cape Town’s Atlantic Seaboard command the highest rents in South Africa, according to the latest Rode report.
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Upmarket three-bedroom apartments in the area reach R130 000, making them the priciest rentals in the country. Sea Point, Green Point and Three Anchor Bay also feature prominently, with rents averaging R55 000.
The report reveals a national average flat vacancy rate of 6.7% for Q2 2024, a decrease from 7.9% in Q1 2024 and below the 2023 average of 7.2%.
Because of lower vacancies in Johannesburg and Pretoria, Gauteng’s vacancy rate decreased from 9.3% to 7.1%. Gauteng’s flat rentals increased by 2% year-on-year in the first quarter.
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In contrast, the Western Cape reported a significantly lower vacancy rate of 2.7% and rental growth of 4.2%, outperforming Gauteng.
The province also has the lowest tenant arrears rate at 14.2% and boasts the lowest unemployment rate in South Africa.
The decrease in national vacancy rates from their Covid peak of 13% has supported rental growth.
Despite this, rent increases remain modest, with property managers maintaining controlled rental levels to keep properties occupied. High borrowing costs have made renting more appealing, though potential interest rate cuts could shift some renters towards buying in the future.
Rode’s report highlights that Cape Town and Pretoria are the top cities for high rents, with starting prices for upscale apartments at R17 000.
| Area | Rent for an upmarket 3-bedroom flat |
| Camps Bay/Clifton/Bantry Bay, Cape Town | R130 000 |
| Sea Point/Green Point/Three Anchor Bay, Cape Town | R55 000 |
| Muizenberg/Kalk Bay/Fish Hoek, Cape Town | R25 000 |
| Tyger Valley area, Cape Town | R20 000 |
| Groenkloof/Brooklyn/Most Waterkloof/Erasmusrand, Pretoria | R20 000 |
| Hatfield, Pretoria | R20 000 |
| Milnerton Burgundy Estate, Cape Town | R18 500 |
| Pretoria East, Pretoria | R18 500 |
| Rondebosch/Rosebank/ Claremont, Cape Town | R18 000 |
| Somerset West, Cape Town | R17 000 |
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