{"id":667925,"date":"2023-03-04T15:00:01","date_gmt":"2023-03-04T13:00:01","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=667925"},"modified":"2023-03-03T16:57:56","modified_gmt":"2023-03-03T14:57:56","slug":"what-a-r350000-a-month-in-rent-gets-you-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/667925\/what-a-r350000-a-month-in-rent-gets-you-in-south-africa\/","title":{"rendered":"What R350,000 a month in rent gets you in South Africa"},"content":{"rendered":"

Despite South Africans facing numerous economic headwinds, some rental properties are on the market for over R300,000 a month.<\/p>\n

Cape Town, especially, is home to several extremely expensive rental properties.<\/p>\n

The rental market saw impressive growth in 2022. The PayProp Annual Market Report for 2022 showed that the average national rent grew by 3.4% year on year from Q4 2021 to Q4 2022 – increasing by R268 to R8,175.<\/p>\n

\u201cWe have reached a very positive milestone in that rental growth has now recovered to pre-pandemic levels. It is now higher than the 3.2% recorded in Q1 2020,” Johette Smuts, head of data analytics at PayProp, said.<\/p>\n

However, Smuts said that affordability challenges could curb a continued recovery in 2023, with load shedding and interest rate increases hurting tenants financially.<\/p>\n

The dire economic situation is also affecting the buying market.<\/p>\n

Earlier this year<\/a>, Tyson Properties said that high-interest rates were reducing the number of first-time buyers.<\/p>\n

In January<\/a>, the South African Reserve Bank (SARB) raised interest by a further 25 basis points, meaning that fewer people can purchase homes as only those who are financially well-off can keep up with the rising cost of mortgage payments.<\/p>\n

Property company Harcourts<\/strong><\/a> said that the lower-priced end of the market is extremely sensitive to a poor economy. It will only improve with better economic growth and job creation.<\/p>\n

First-time buyers<\/a> were given some good news during the budget speech in late February. Finance Minister Enoch Godongwana said that the brackets in the transfer duty table would be increased by 10%.<\/p>\n

This means that the threshold for tax-free properties will increase from R1 million to R1.1 million.<\/p>\n

The announcement was welcomed by property experts, as it will help first-time buyers enter the property market.<\/p>\n

\n

BusinessTech looked at what you can get for R350,000 a month:<\/p>\n

\n

6 Bedroom House in Overkloof, Hout Bay<\/strong>
\nR350,000<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\n

5 Bedroom House in Camps Bay, Cape Town<\/strong>
\nR300,000<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

 <\/p>\n

\n

10 Bedroom House in Constantia, Cape Town<\/strong>
\nR290,000<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\n

4 Bedroom House in Melrose, Johannesburg<\/strong>
\nR200,000<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\"\"<\/a><\/p>\n

\n

All property prices were acquired via\u00a0Property24<\/a>. Properties were verified on the relevant realtor\u2019s website. Properties with a Price on Application (POA) were excluded.<\/em><\/p>\n

\n

Read: What a R150 million house looks like in South Africa: Sandton vs Cape Town<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Although South Africa faces numerous economic challenges, some rental properties are echarging incredibly high prices. <\/p>\n","protected":false},"author":95,"featured_media":667963,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[26],"class_list":["post-667925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/667925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=667925"}],"version-history":[{"count":24,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/667925\/revisions"}],"predecessor-version":[{"id":670317,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/667925\/revisions\/670317"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/667963"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=667925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=667925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=667925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}