Longer-term rentals take dive as cup fans drain housing supply

Trying to find affordable accommodation in Cape Town in the run-up to the World Cup is difficult, say aspirant home-hunters.

Hundreds of professionals and students are finding they have little choice, or need to pay top dollar for decent accommodation as landlords try to turn a quick profit.

Chad Lourens, 25, has just found a flatshare after weeks of intensive searching.

"I feel that I'm paying more for accommodation than I normally would if there was no World Cup. As a hairdresser, I speak to lots of different people and there's consensus that rents have gone up by R1 500 per month on all properties. Everyone who's searching is struggling."

Rental prices may differ, but all share a common attribute of being expensive.

Examples of rental prices per week include R5 000 for a three-bedroomed house in Milnerton; R3 500 for a one-bedroomed flat in the Gardens; R13 300 for a one-bedroomed flat in Camps Bay; R7 000 for a one-bedroomed flat in Buitenkant; R5 600 for a single room in the southern suburbs and R7 000 for a three-bedroomed house near Fish Hoek.

Stephen Drennan, 28, who is moving from the Eastern Cape to start a new job, is concerned about being homeless.

"It is proving impossible for the average person to find homes at normal prices. Houses are literally being taken within hours, so we are really struggling to find something. Everyone seems to be cashing in on the World Cup and I am sure many like us will be left stranded."

Arnaldo O'Shea, a 25-year-old graphic designer who is looking to move back to Cape Town, is also facing the same issues.

"I have been looking for over a month. I have been finding it difficult. Local people are taking advantage of the World Cup and are trying to capitalise on the rental market."

Students, and those who are on low incomes, are most affected by the price hikes.

Mona Hakimi, a 23-year-old student, said: "Two of my friends have been looking for accommodation since the beginning of the year and haven't found anything.

"My neighbours' landlord has terminated their contract early to prepare the flat for rental during the World Cup."

Rouxle Marais, the Seeff long-term rental property manager for the CBD, Atlantic Seaboard, City Bowl and V&A Waterfront, said: "I definitely think the World Cup has had a knock-on effect on long-term rentals.

"Properties normally available for long-term rental have been taken out of the market as people hold on to them for short-term rental. This means the pool of long-term available properties is much less."

Cape Times

Posted at 10:06AM May 07, 2010 by Editor in Residential  |  Comments[4]