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Rent: The most expensive towns in South Africa

Despite growth in rental prices slowing down last year, the Limpopo town of Lephalale still remains the town where tenants still pay the most rent.

According to the latest PayProp rental index the average monthly rent in this Bushveld town for the fourth quarter last year was R23?327.

Bryanston in Johannesburg followed with an average rent of R22?450, Sea Point, Cape Town with R20?381 and Musina with R17?634.

The growth of rent in Limpopo had declined to 1,6% from 9,9% during December from the first quarter. This meant that the average rent in the province was R6?288.

Louw Liebenberg, CEO of PayProp, says it looks like  the continuing volatility in the construction industry in Limpopo took its toll and that many corporate tenants provisionally did not renew their contracts.

Northern Cape

In contrast, the growth in rent in the Northern Cape rose to 14.4 % in the fourth quarter from 12.6 % in the first quarter .This brought the average monthly rent in the province to R6 680 .

Liebenberg attribute this to ongoing mining activities in the province. He said the North Cape is the favorite among buy-to-let investors. It provides a net rental yield of 6.27 % , compared to a national average of 5.05 % .

Mpumalanga

The province with the highest rent however is Mpumalanga where tenants on average pay R6 779 a month. 

Liebenberg said the weaker rental growth in some provinces may also be linked to tenants' failure to pay higher rents. 

(Via Netwerk24)


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