2 Cape Town properties just smashed the record for rental prices in South Africa

Two homes in Cape Town have broken the record for the most expensive rental properties in South Africa.

According to real estate group, Dogon, the first home is a R220,000 per month property on the Atlantic Seaboard, while the second property is a R450,000 a month home in Constantia.

Speaking to BusinessTech, Dogon rental manager Odette Maartens said it was difficult to say for certain that the rentals were record-breaking, as there is no active registry for rentals like there is for sales.

At the same time, she said that the rentals were far and away the largest she had seen in the market and at her 10 years at Dogon.

“It’s also at a time when rentals have been at a low in the market, so it’s surprising that we’ve done two record-breaking deals in a month,” she said.

“It’s also encouraging, as the middle-class market and traditional renters have expressed concern over the weakening economy and political issues”.

Maartens was unable to confirm the exact specifications of the properties, to keep their location and ownership private.

However, she said that both properties could be considered “extremely high-end” and “spectacular”, with the Constantia property taking up multiple stands, and holding significant historical value.

In 2016, Dogon Properties was responsible for the record-breaking sale of a Cape Town home for R290 million.

Rental prices in Cape Town

Earlier this month, property group Seeff said that the rentals sector of the Cape metro remains the strongest performer in the country.

It said that while R80,000 a month seemed high just two years ago, top-end properties in Clifton now commanded R150,000 to R170,000 a month.

Karyn Farrell, rental admin manager for Seeff Atlantic seaboard and City Bowl, said that the suburbs commanding the highest monthly rents are Clifton, Bantry Bay, Fresnaye and the V&A Waterfront, but Camps Bay is also highly rated.

The highest monthly rents are R80,000 at the Waterfront, R170,000 in Bantry Bay/Fresnaye and R150,000 in Clifton, Seeff said.

While the most popular monthly rental range is between R25,000 and R40,000, rents even in Mouille Point can now reach R100,000 a month. At the V&A Waterfront you can rent an opulent penthouse for R170,000 a month.


Read: 10 of the most expensive houses currently for sale in South Africa

Latest news

Partner Content

Show comments

Follow us

Recommended

2 Cape Town properties just smashed the record for rental prices in South Africa