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Monday Jan 18, 2010

World Cup rentals 'not a sure bet'

Although the business community - and the tourist industry in particular - continues to welcome and promote the 2010 World Cup hype, this is leading to a potential over-supply situation in short term residential rental accommodation, says Lanice Steward, managing director of Anne Porter Knight Frank (APKF).

"APKF runs active rental services in many of the areas likely to prove popular with World Cup visitors to Cape Town, and we have found that the hope of almost ludicrously high rentals over the World Cup period has led to many home and flat owners holding back from signing on long-term tenants.

"It really concerns me that many flat owners will find they cannot get World Cup tenants - then when we are back to normality in July and August they will discover that the long-term rental market is now flooded with new opportunities."

Right now, Steward says, demand is strong for long-term rentals in Green Point, Sea Point and Camps Bay.

"We have had occasions where 20 to 30 applications have come in for an apartment and where people have been prepared to pay more than the asking rate.

"I think it might well pay many landlords to sign up good tenants now rather than to hope for high returns in April, May and June, which could well not materialise," Steward says.

Weekend Property supplement (Saturday Argus)

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