{"id":760621,"date":"2024-03-16T17:00:00","date_gmt":"2024-03-16T15:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=760621"},"modified":"2024-03-16T18:44:46","modified_gmt":"2024-03-16T16:44:46","slug":"rental-boom-for-south-africas-economic-heartland","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/760621\/rental-boom-for-south-africas-economic-heartland\/","title":{"rendered":"Rental boom for South Africa’s ‘economic heartland’"},"content":{"rendered":"\n

Gauteng, South Africa’s richest province, continues to see a large influx of people, which is driving up demand for rental accommodation. <\/p>\n\n\n\n

The rental market in Gauteng is diverse in terms of the properties available for rent, with data from PayProp also showing that the average monthly rent in Gauteng stands at R8,864\u2014slightly higher than the R8,755 in KZN and far cheaper than the R10,118 in the Western Cape. <\/p>\n\n\n\n

Payprop’s data also showed that residential rentals across Gauteng escalated by just 3.6% YoY in Q4 2024, lagging behind the December inflation rate of 5.1%. This was notably better than the 1.4% in KZN and only slightly bettered by the 3.9% in the Western Cape. <\/p>\n\n\n\n

Despite economic pressures, Gauteng tenant arrears improved last year, with only 15.7% behind in their rent – below the average of 19.8% in KZN and slightly higher than the 14.3% in the Western Cape. <\/p>\n\n\n\n

Seeff said that financial considerations and affordability are often the primary reasons for rentals, but other concerns, such as access to schools, amenities and transport networks, are also considered.<\/p>\n\n\n\n

Secure properties in complexes and estates are now the most popular type of rental, but freestanding family houses are also in high demand, especially in the upper-income areas of Pretoria and Sandton\/Johannesburg North. <\/p>\n\n\n\n

For example, Pretoria East is highly popular with family, high-end corporate and ambassadorial tenants. The average rental is R12,000 per month, with properties in high-end suburbs reaching up to R79,300. <\/p>\n\n\n\n

In Sandton, the affordable price range of R10,000 to R15,000 remains the most popular, with exclusive suburbs, such as Hyde Park and Hurlingham, attracting wealthy tenants. <\/p>\n\n\n\n

Below are properties in Gauteng for rent at various price points: <\/p>\n\n\n\n

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