Rental market sees growth in Queensburgh

The demand for rental property has increasingly gained momentum in Queensburgh, KwaZulu-Natal, says Siva Govender, Broker/Owner of RE/MAX Executives, whose office is located in Malvern.

She says that because the area is situated inland from the CBD, it has attracted many tenants that work in the Durban area, but who want to escape the humidity of living in the coastal city.  Govender says that proximity to amenities such as the Pavilion Shopping Centre and the King Shaka International Airport as well as the Durban city centre and Pinetown, have also attributed to the area’s allure among tenants and property buyers alike.

According to Govender, it is due to the growing demand for property in the region that the area has seen a lot of development over the past few years and now includes as many as 10 suburbs. Another aspect that has contributed to the areas growth is the fact that it is situated between the southern industrial hubs of Prospecton, Jacobs and Mobeni, and Pinetown’s industrial areas of Westmead and New Germany. The rapid expansion of the region, coupled with its accessibility to employment hubs within the surrounding areas has made it a popular region in which to live.

“The growth in the area has meant that there is a wider range of rentable property and we are able to cater for tenants with a variety of different criteria. We have affordable flats and sectional title units for tenants just starting out, as well as more substantial homes for families. In fact, currently the majority of lease agreements our office handles are for families looking for freestanding homes,” says Govender.

She notes that rental prices in the area start at around R3000 per month for the sectional units and can go up to approximately R8000 per month for freestanding homes depending on what they offer. “We currently have a beautiful three-bedroom freestanding house on our books that was only built three years ago,” says Govender. “It has been completely repainted and is ready for immediate occupation. The property features two bathrooms, a fully-fitted kitchen, fully fenced with a double garage and the rental is only R6 500 per month, excluding water and lights.”

According to Govender, due to the influx of tenants and rental demand, there is also plenty of buy-to-let investment opportunity in the area’s rental market. She says that with interest rates at their low levels and property pricing coming down since the boom period, there is no better time for investors to grow their portfolio if they have access to finance.

Adrian Goslett, CEO of RE/MAX of Southern Africa, says: “Throughout South Africa, the rental market has seen continued growth. Many consumers who are unable to qualify for bond finance have little choice but to enter the rental market and investors with buy-to-let portfolios have been able to capitalise on these market conditions.”

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