select
|

Cape rental market still performing well

PGP’s rentals manager for the Cape region, Dexter Leite, says his agents have concluded hundreds of leases in the months from October to December (2011), across a wide range of areas and price brackets.  These have an approximate combined lease value of around R30 million.

“The mid-summer months are always busy ones for the rental market, as clients assess their lifestyle at the end of the year and look ahead to potential changes in the new year,” says Leite.  “Between parents wanting to secure accommodation for student children, businesspeople relocating between cities, and new graduates starting their first jobs, the market typically experiences a surge in demand at this time of year, across the price spectrum.  This year is proving no exception, and the months of October and November 2011 have been extremely busy for us.  We anticipate that these high levels of activity will continue into January and February next year.”

PGP’s MD for the Western Cape metro region, Laurie Wener, says the demand for rentals is being sustained by the ongoing difficulty in accessing mortgage finance in South Africa.  “A number of our long-term leases come from clients who would rather buy, but cannot access the finance to do so in their area of choice,” she says.  “This is particularly affecting entry-level buyers and the self-employed.  But it’s not just lower-priced rental homes which are in demand.  In these times of uncertain international economic conditions and high job insecurity, even many higher-net-value individuals are also choosing to rent for the time being, rather than committing their cash to a long-term purchase.  Another source of rental interest comes from returning expatriates and businesspeople relocating to the Cape, who often opt to rent for a six- or twelve-month period while they assess the city, before buying.  This breathing space allows them to get to know their new daily routine and travel requirements, as well as to interrogate which suburbs would best match their lifestyle needs.”

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

Southern Suburbs
  • R60 000 a month for a six-bedroomed home in Bishopscourt, leased to a corporate client for two years
  • R55 000 for a six-bedroomed home in Constantia, rented to international clients for six months
  • R35 000 per month (each) for three homes in Constantia, Kenilworth and Bishopscourt, all on a one-year lease
  • R24 840 per month and R22 680 per month for two homes in Newlands, both rented to international clients for a year
  • R14 000 per month (each) for four three-bedroomed apartments in Claremont, all let for a one year period to local clients
  • Ten two-bedroomed apartments in Claremont let for a one-year period at between R8500 and R9000 per month, to a mix of local and international tenants


Atlantic Seaboard
  • R60 000 per month for a three-bedroomed apartment at The Water Club in Granger Bay, leased on a four-month contract to a corporate client
  • R60 000 for a five-bedroomed house in Bantry Bay, let to an international visitor for five months
  • R50 000 per month for a three-bedroomed apartment in Camps Bay, let on a short-term basis to a foreigner
  • R37 100 for a two-bedroomed apartment in Sea Point Upper, rented by a corporate client for a year
  • R35 000 per month for a two-bedroomed apartment at the V&A Marina, leased to a corporate client for six months
  • R35 000 per month for a four-bedroomed house in Fresnaye, rented by local clients for two years
  • R30 000 and R32 250 per month for two three-bedroomed apartments in Mouille Point, both rented to corporate clients on a two-year lease


City Bowl
  • R34 000 per months for a six-bedroomed house in Higgovale, leased to local tenants for two years
  • R 28 000 per month for a five-bedroomed house in Higgovale, let to local tenants for a year
  • R25 500 and R20 000 per month for two three-bedroomed houses in Tamboerskloof, both let to local tenants for three to six months
  • R18 000 for a two-bedroomed apartment in the Central City (Mandela Rhodes Place), let to a local tenant for a year
  • R15 900 for a three-bedroomed house in Gardens, let to a local client for one year
  • R13 500 per month for a two-bedroomed apartments in Gardens, leased by a local tenant for one year
  • R12 000 per month for a two-bedroomed cottage in Vredehoek, let to a local tenant for a year


Leite says PGP’s rental team includes dedicated rental agents who are specialists in the rental field and in the particular areas they operate in, as well as being highly experienced in negotiating and settling leases, with due regard for both tenant and landlord’s requirements.  “This high level of expertise is backed up by sound management, legal knowledge, extensive marketing and extensive website exposure, coupled with a large database of rental properties to match with potential tenants,” he says.  “We are also able to leverage off our national network of sales agents, many of whom refer clients to our rental division while they decide where to buy.  

These resources mean that we are generally able to procure quality, low-risk tenants, and can offer a professional service to landlords, whether they simply require us to find a tenant, or prefer a managed lease where we handle day-to-day issues around their property.

PGP is particularly experienced in negotiating top-end leases and corporate deals, and these currently form a significant part of our business.  We are equipped with the skills and expertise to facilitate these often-challenging lease negotiations.”


  Comment on this Article

  Please login to post comments

Post to my facebook wall
  
2000
Characters remaining


    Latest Property News
    • 20 Nov 2017
      Since 2012, sectional title complexes have been leading the South African property market, not only in terms of price growth, but sales volumes as well. Remaining relatively strong, even in the face of 2017’s political and economic turmoil, experts say this market segment could offer valuable insight into South Africans’ property purchase priorities.
    • 20 Nov 2017
      Regardless of whether you are purchasing your first start-up home, downsizing or moving in with roommates, finding ways to maximise small spaces can be a big advantage, says Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa.
    • 20 Nov 2017
      Property valued at approximately R1 billion is on High Street Auctions’ sales floor during the month of November, including the much-anticipated sale of the Tshwane Mayoral Residence and the land occupied by one of South Africa’s oldest operating gold mines.
    • 17 Nov 2017
      FWJK has announced the launch of its latest residential brand, the Lil’ Apple, which will be launched simultaneously in two developments in Cape Town and Umhlanga totaling 600 apartments. The Lil’ Apple is set to be a brand of FWJK’s New York style apartments which will be rolled out nationally.
    • 17 Nov 2017
      It’s been a tumultuous year on many fronts, with socio-political uncertainty setting the tone for much of South Africa’s economic activity yet despite this and seemingly counter-intuitively, the residential property market has held up well.
    • 17 Nov 2017
      The EAAB (the Estate Agency Affairs Board) recently claimed that around 50,000 illegal estate agents could currently be operating illegally.
    • 16 Nov 2017
      Penthouses are synonymous with New York – characterised by high-rise living that is decidedly luxurious and spacious. While exclusivity comes at a price, you can still create a “penthouse” look and feel in your existing apartment or even the upstairs bedroom of a double storey house with some clever design changes and styling touches.
    • 16 Nov 2017
      The area has long been popular with kite surfers and, with escalating property prices in Cape Town itself, is increasingly in demand with home owners who work in town, but are looking to invest in more affordable properties.
        
    X
    Subscribe to the MyProperty Newsletter

    Name  
    Last Name  
    Email Address  
    Email Frequency
    select
    X
    Share this Page

       
    For Sale Property
    Rental Property
    More Options
    About
    Connect with us
    FEEDBACK