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Monday Jan 16, 2012

Cape Town rental market still performing well, say estate agents

The market for rental properties in the Western Cape metro area cont i nues to exceed expectations, according to Pam Golding Properties.

PGP'S rentals manager for the Cape region, Dexter Leite, says his agents concluded hundreds of leases between October and this month, with an approximate combined lease value of around R30 million, across a wide range of areas and price brackets.

"Mid-summer is always busy for the rental market, as clients assess their lifestyle at the end of the year and look ahead to potential changes i n t he new year, " s ays Leit e. "Between parents wanting to secure accommodation for student children, business people relocating and graduates starting their first jobs, the market typically experiences a surge in demand at this time of year, across the price spectrum. October and November were extremely busy. We expect this to continue in January and February."

PGP'S managing director for the Western Cape metro region, Laurie Wener, says the demand for rentals is being sustained by the ongoing difficulty in accessing mortgage finance.

"A number of our long- term leases come from clients who would rather buy, but can't access the finance to do so in their chosen area," she says.

"This is particularly affecting entry-level buyers and self-employed people. But it's not just lower-priced rental homes that are in demand. Even many wealthy people are also choosing to rent for the time being, rather than committing their cash to long-term purchases.

"Another source of rental interest comes from returning expatriates and business people relocating to the Cape, who often rent for six or 12 months while they assess the city, before buying. This breathing space allows them to get to know their new daily routines and travel requirements, and find out which suburbs would best match their needs."

Among the notable recent new rental deals concluded by PGP since October 2011, are:

  • R60 000 a month for a six-bedroom Bishopscourt home, leased to a corporate client for two years.

  • R55 000 for a six-bedroom Constantia home, rented to foreign clients for six months.

  • R35 000 a month each for three homes in Constantia, Kenilworth and Bishopscourt, all on one-year leases.

  • R60 000 a month for a three-bedroom apartment at The Water Club in Granger Bay, leased on a fourmonth contract to a corporate client.

  • R60 000 for a five-bedroom Bantry Bay house, let to a foreign visitor for five months.

  • R50 000 a month for a three-bedroom Camps Bay apartment, let on a short-term basis to a foreigner.

  • R34 000 a month for a six-bedroom house in Higgovale, leased to local tenants for two years.

  • R 28 000 a month for a five-bedroom house in Higgovale, let to local tenants for a year.

  • R25 500 and R20 000 a month for two three-bedroom houses in Tamboerskloof, both let to local tenants for three to six months.

    Weekend Argus (Saturday Edition)

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