{"id":772049,"date":"2024-05-17T14:30:00","date_gmt":"2024-05-17T12:30:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=772049"},"modified":"2024-05-17T15:01:12","modified_gmt":"2024-05-17T13:01:12","slug":"the-average-rent-in-south-africas-provinces","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/772049\/the-average-rent-in-south-africas-provinces\/","title":{"rendered":"The average rent in South Africa’s provinces"},"content":{"rendered":"\n

The North West remains on average the cheapest province in South Africa for rent, while the Western Cape maintains its spot as the most expensive. <\/p>\n\n\n\n

This is according to PayProp’s Rental Index Annual Market Report – 2024 Edition<\/a>, which said that the average rent in South Africa sits at R8,598, an increase of R368 year on year, and R147 above the previous quarter (Q3).<\/p>\n\n\n\n

According to PayProp’s data analysis from Q4 in 2023, South Africa’s provinces recorded average rental prices and annual growth rates of:<\/p>\n\n\n\n

Province<\/strong><\/td>Average rent<\/strong><\/td>Q4 2023 y\/y rental growth<\/strong><\/td><\/tr>
Western Cape<\/td>R10 118<\/td>3.9%<\/td><\/tr>
Northern Cape<\/td>R9 409<\/td>5%<\/td><\/tr>
Gauteng<\/td>R8 846<\/td>3.6%<\/td><\/tr>
KwaZulu-Natal<\/td>R8 755<\/td>1.4%<\/td><\/tr>
Mpumalanga<\/td>R8 423<\/td>6.1%<\/td><\/tr>
Limpopo<\/td>R7 919<\/td>5.1%<\/td><\/tr>
Eastern Cape<\/td>R7 018<\/td>7.3%<\/td><\/tr>
Free State<\/td>R6 969<\/td>8.8%<\/td><\/tr>
North West<\/td>R6 344<\/td>10.1%<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n

While the North West continues to sport the lowest average rent in the country, it shows the largest annual increase in prices, at 10.1%. <\/p>\n\n\n\n

This is closely followed by the country’s second cheapest place for rent, Limpopo, which saw an 8.8% annual growth.<\/p>\n\n\n\n

This sits well above the national average of 4.6%.<\/p>\n\n\n\n

\"\"<\/a><\/figure>\n\n\n\n

Conversly, KwaZulu-Natal “has had a tough year,” in the rental property market, said PayProp. <\/p>\n\n\n\n

After recording a strong 5.0% rental growth in Q1 2023, this figure has fallen in every subsequent quarter, currently sitting at the lowest in the country at 1.4%.<\/p>\n\n\n\n

While year-on-year (YoY) rental growth in Gauteng was the second lowest in the country at 3.6%, rents remained the third highest after overtaking KwaZulu-Natal in the previous quarter.<\/p>\n\n\n\n

The Northern Cape, which sports the second priciest rent in South Africa is seeing its rental growth lose momentum. <\/p>\n\n\n\n

While its YoY growth sits at 5%, which is above the national average of 4.6%, “it\u2019s also the slowest growth measured in the province in any quarter since Q1 2022, and a third successive fall in the rate of rental growth,” said PayProp. <\/p>\n\n\n\n

The Western Cape, which recorded year-on-year rental growth of 3.9% making it the seventh highest in the country, it continues to top the list for priciest rent, exceeding the R10,000 average early in 2023.<\/p>\n\n\n\n

\n\n\n\n

Read: South Africa\u2019s big sectional title problem<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

This is the average cost of rent across South Africa’s nine provinces, with some seeing massive growth.<\/p>\n","protected":false},"author":101,"featured_media":669973,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[11791,19815,18410],"class_list":["post-772049","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-payprop","tag-rent","tag-rental-prices"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/772049","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\/101"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=772049"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/772049\/revisions"}],"predecessor-version":[{"id":772582,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/772049\/revisions\/772582"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/669973"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=772049"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=772049"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=772049"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}