{"id":775917,"date":"2024-06-10T15:05:34","date_gmt":"2024-06-10T13:05:34","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=775917"},"modified":"2024-06-10T15:05:38","modified_gmt":"2024-06-10T13:05:38","slug":"the-average-rent-in-every-province-in-south-africa-with-one-now-over-r10000","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/property\/775917\/the-average-rent-in-every-province-in-south-africa-with-one-now-over-r10000\/","title":{"rendered":"The average rent in every province in South Africa \u2013 with one now over R10,000"},"content":{"rendered":"\n

While rental growth has slowed, rentals have continued to increase, with the Western Cape being the only province with an average rental price of over R10,000.<\/p>\n\n\n\n

In the previous PayProp Rental Index, it was reported that quarterly rental growth had slowed after eight quarters, and it was surmised that it could be the start of a plateau.<\/p>\n\n\n\n

In the event, rental growth entered a period of sustained year-on-year decreases in recent months \u2013 slowing to 4.2% (January), 3.8% (February) and 3.6% (March). <\/p>\n\n\n\n

That has produced a quarterly average of 3.8% \u2013 the lowest quarterly increase since Q4 2022, suggesting that the post-pandemic rental growth recovery is well and truly over. <\/p>\n\n\n\n

“While this lagged behind inflation, it is still a healthier growth rate than in the corresponding quarters in 2021 and 2022,’ it said.<\/p>\n\n\n\n

The average rent in South Africa stood at R8,654 in Q1 2024, just R301 more than a year earlier.<\/p>\n\n\n\n

PayProp has observed that the distribution of rentals has remained relatively stable nationwide over the past year. There has been a slight decrease in the R2,500 to R5,000 and R5,000 to R7,500 brackets and an increase in the higher brackets. <\/p>\n\n\n\n

This is most likely due to rental increases causing properties to move into higher price brackets.<\/p>\n\n\n\n

Provincially<\/strong><\/p>\n\n\n\n

The rental growth in the North West decreased slightly from last quarter’s double-digit increase to 9.8%, but it still remained the highest in South Africa for the fourth consecutive quarter.<\/p>\n\n\n\n

However, the average North West rent reached R6,301, still the lowest of any province.<\/p>\n\n\n\n

Rents grew by 9.1% year on year in the Free State, the second fastest of any province. The average rent in the province was R6,927\u2014R579 more than a year earlier. <\/p>\n\n\n\n

The Eastern Cape once again returned the third-fastest rental growth of any province, although this quarter\u2019s 5.6% year-on-year growth was slower than Q4 2023\u2019s 7.3%.<\/p>\n\n\n\n

The average rent in the province now stands at R7,021, still the third lowest in the country but R371 more than a year previously.<\/p>\n\n\n\n

The Western Cape experienced below-average rental growth for most of 2023. <\/p>\n\n\n\n

However, in Q1 2024, rents increased by 4.3% year-on-year, surpassing the national average of 3.8% and the fifth highest in the country.<\/p>\n\n\n\n

Average rents in the Western Cape remain the highest in the country at R10,300<\/strong> \u2013 and thanks to sluggish growth in the Northern Cape, they are now more than R1,000 ahead of the nearest competitor.<\/p>\n\n\n\n

In the Western Cape, the three most expensive brackets have more rental properties compared to any other province. <\/p>\n\n\n\n

The R2,500 to R5,000 bracket is much smaller, accounting for just 5.1% of rental properties, compared to the national average of 16.2%. <\/p>\n\n\n\n

Over the past year, there has been a shift towards more rental properties in the upper brackets. The R5,000 to R7,500 bracket decreased from 29.8% to 22.7%, and the R7,500 to R10,000 bracket is now the largest at 26.7% of all rentals. <\/p>\n\n\n\n

Additionally, 16.5% of properties now fall in the R15,000+ bracket, compared to 10.1% nationally.<\/p>\n\n\n

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Read: Joy for landlords in South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The latest PayProp report revealed what the average rent is in each of South Africa’s nine provinces. <\/p>\n","protected":false},"author":92,"featured_media":644295,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12755],"tags":[853],"class_list":["post-775917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property","tag-south-africa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/775917","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\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=775917"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/775917\/revisions"}],"predecessor-version":[{"id":776222,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/775917\/revisions\/776222"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/644295"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=775917"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=775917"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=775917"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}