{"id":685639,"date":"2023-06-16T15:00:00","date_gmt":"2023-06-16T13:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=685639"},"modified":"2023-06-15T17:39:06","modified_gmt":"2023-06-15T15:39:06","slug":"a-look-into-cape-towns-booming-rental-market","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/trending\/685639\/a-look-into-cape-towns-booming-rental-market\/","title":{"rendered":"A look at Cape Town’s booming rental market – where prices can shoot over R100,000 a month"},"content":{"rendered":"

Ross Levin from Seeff says the higher interest rate has increased the demand for rental properties at the top end in Cape Town.<\/p>\n

Levin said that semigration is increasing demand for rental accommodation, with a large number of people from Johannesburg and Durban moving to Cape Town.<\/p>\n

Moreover, tourism, the return to the office, and colleges and universities are also significantly increasing demand.<\/p>\n

The price bracket over R80,000 is also seeing far higher interest, as opposed to the previous R25,000 to R35,000 per month, which previously boomed.<\/p>\n

For instance, Seeff’s agents have concluded rentals in Bantry Bay and the Waterfront for R130,000 and R120,000 per month, respectively.<\/p>\n

Moreover, apartments in the R10,000 to R20,000 per month range are also in demand, with Levin saying that rental yields in Atlantic Seaboard and City Bowl tend to be around the 4% to 6% mark.<\/p>\n

The Southern Suburbs are also seeing a substantial increase in rental demand, with the average rental in the area being roughly R22,000 monthly.<\/p>\n

Properties in Constantia can get anything from R25,000 to R35,000 per month, however, luxury properties can reach R100,000 per month.<\/p>\n

Apartments in Woodstock, which is close to the CBD, get roughly R10,000 per month.<\/p>\n

Seeff’s Andrew Collins said that there is a stock shortage in several of Cape Town’s areas, including Hout Bay and Llandudno, especially in the lower and medium price bands – R10,000 to R35,000.<\/p>\n

Below are some rental properties on the market in Cape Town at various prices:<\/p>\n

\n