High demand for rentals in Paarl

Pam Golding Properties’ Paarl office reports that this year is no different, with high levels of interest being shown in rental properties – particularly those well positioned for access to top schools.

PGP’s MD for the Boland and Overberg regions, Annien Borg, says there has been sustained activity in the local rental market throughout the year, influenced by a number of factors including job insecurity, access to mortgage finance and a generally uncertain economic climate.  “Many would-be buyers are having to rent for the time being due to lack of access to funding, while others who could perhaps buy are choosing not to tie up their available cash in a long-term investment,” she says.

PGP’s area manager for Paarl, Surina du Toit, adds that there are other factors influencing the current high demand for rental property in the area.  “We have experienced a lot of demand from families relocating to Paarl for business or lifestyle reasons, many of whom choose to rent first while they get to know the different suburbs and decide where they ultimately want to buy,” she says.  “Ease of access to the N1 highway is important for those businesspeople working in Cape Town or commuting via Cape Town International Airport.  Proximity to leading schools is also a key factor for this segment of the market, as they want to be zoned correctly for their schools of choice, and to live conveniently close by.  Another source of demand, particularly for shorter-term leases, comes from those busy doing renovation work on their own homes, who need to move out for a few months while major structural work takes place.”

Du Toit says the greatest demand at present is in the price range from R6 000 to R10 000 per month – resulting in a shortage of stock in this price bracket.  The most sought-after types of properties are family homes with three or more bedrooms and a garden, as well as lock-up-and-go townhouses with two or three bedrooms and excellent security.  

The secure lifestyle estates around Paarl, such as Boschenmeer and Val de Vie, are particularly popular.  “These estates offer a superb lifestyle, with lots of freedom to live and play outdoors,” she says.  “As a result they are an ideal first step into Paarl, particularly for those who are relocating in search of greater freedom from crime.”

Entry level prices for rentals in Paarl currently stand at around R2500 to R3000 per month for a bachelor flat.  A two-bedroomed apartment typically costs about R3000 to R4500 per month, while three-bedroomed flats or townhouses can fetch between R4500 and R7000 per month.  A comfortable family home with three or four bedrooms can be rented from R6000 to R14 000 per month, depending on size, location and extra features such as a sizeable garden or swimming pool.  At the top end of the market, larger and more luxurious homes can be rented for between R14 000 and R17 000 per month in Paarl itself, while luxury homes in the surrounding secure estates will cost between R14 000 and R28 000 per month.

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