What R12,000 per month gets you in Joburg vs Cape Town, Durban, Gqeberha and more
In light of recent rate hikes from the South African Reserve Bank (SARB), buying a house has become increasingly more expensive.
As a result, more people may turn to rent instead. According to property firm Rode’s latest report for the first quarter of 2023, vacancy rates for apartments average 6.8% – unchanged from the final quarter of 2022.
Rode reported that this is better than the 8.3% average of 2022. However, vacancy rates are still slightly above the 5.3% average recorded in the three years from 2017 to 2019 that preceded the pandemic.
“On a regional level, the Western Cape continues to stand out with its low flat vacancy rate of 2%, down further from 3.2% in the fourth quarter of 2022 and well below the national average,” reported the property firm.
“In contrast, Gauteng (flats in Johannesburg and Pretoria) saw its vacancy rate worsen to 10.1% from 8.2%. KwaZulu-Natal’s vacancy rate also worsened to 14% from 10.8%.”
Rode noted, however, that, all in all, house prices and rentals are still declining in real terms in most parts of the country.
According to the group, these are the average monthly rental prices for a bachelor, 1-bedroom, 2-bedroom and 3-bedroom flat in major cities:
Johannesburg
| Size | Standard | Upmarket |
|---|---|---|
| Bachelor | R4 706 | R5 412 |
| One bedroom | R5 409 | R6 219 |
| Two bedroom | R6 508 | R7 585 |
| Three bedroom | R7 980 | R9 585 |
Polokwane
| Size | Standard | Upmarket |
|---|---|---|
| Bachelor | R3 390 | – |
| One bedroom | R3 700 | – |
| Two bedroom | R5 100 | – |
| Three bedroom | R6 400 | – |
Durban
| Size | Standard | Upmarket |
|---|---|---|
| Bachelor | R4 182 | – |
| One bedroom | R5 997 | – |
| Two bedroom | R7 488 | – |
| Three bedroom | R8 277 | – |
Cape Town
| Size | Standard | Upmarket |
|---|---|---|
| Bachelor | R6 612 | R8 950 |
| One bedroom | R7 934 | R10 594 |
| Two bedroom | R9 989 | R13 635 |
| Three bedroom | R9 200 – R30 500* | R12 000 – R51 000* |
* limited sample
Stellenbsoch
| Size | Standard | Upmarket |
|---|---|---|
| Bachelor | R7 625 | – |
| One bedroom | R10 875 | – |
| Two bedroom | R12 350 | – |
| Three bedroom | R15 500 | – |
Gqerberha
| Size | Standard | Upmarket |
|---|---|---|
| Bachelor | R3 800 | – |
| One bedroom | R4 470 | – |
| Two bedroom | R5 330 | – |
| Three bedroom | R6 200 | – |
Bloemfontein
| Size | Standard | Upmarket |
|---|---|---|
| Bachelor | R3 200 | – |
| One bedroom | R3 844 | – |
| Two bedroom | R4 525 | – |
| Three bedroom | R5 943 | – |
While samples of upmarket apartments and flats are far and few in between, there are these types of units available in the respective price ranges.
BusinessTech looked at what R12,000 – the average price for a sizeable upmarket unit in Cape Town and Joburg – gets you across the country:
Pretoria
2 Bedroom Apartment/ Flat to rent in the Hills Game Reserve Estate – R11,100
2 Bedroom Apartment to Rent in Waterkloof Ridge – R12,500
Johannesburg
2 Bedroom House to rent in Melville – R11,500
2 Bedroom Apartment to rent in Craighall – R11,500
Durban
2.5 Bedroom Apartment to rent in Morningside – R12,000
2 Bedroom Apartment to rent in New Town Centre – R11,900
Gqeberha
2 Bedroom Apartment for rent in Summerstrand – R11,500
3 Bedroom Townhouse to rent in Morningside – R11,235
Cape Town
1 Bedroom Apartment in Woodstock – R12,000
1 Bedroom Apartment to rent in Mouille Point – R11,750
Read: What a R5 million gets you in South Africa – Joburg vs Cape Town, Durban, Gqeberha and more
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