Rental property market lively in Pretoria East

Demand for rental units in secure complexes in Pretoria's eastern suburbs is growing exponentially among the younger crowd who are looking for stylish accommodation while saving up to buy their own homes.

2 Bedroom Townhouse to rent in Sterrewag
Townhouses in complexes are also targeted by consumers with young families who hope to upgrade to homes of their own soon, says Goran Despot of the RealNet Erasmuskloof franchise, which has a dedicated letting department that has gone from strength to strength over the past three years.
"Available rental units are being very quickly absorbed, with the greatest demand currently in the R7000 to R8500 per month range. Luckily, this price category now represents 90% of all rental properties in the local market, although there is also steady demand for upmarket sectional title units with three bedrooms and two bathrooms at rentals of up to R12 000 per month (see photo) and full-title homes with three or four bedrooms at rentals of R10 000 to R15 000 a month."
Despot says the rental department’s portfolio has grown in  leaps and bounds, with a total of 70 properties currently on the books and a steady stream of landlords enquiring about listing their units with the agency.
"An increasing number of the units in our portfolio belong to owners who have approached us to take over existing leases and manage their properties on their behalf," he says. "Many have had enough of managing tenants and rental units on their own and now prefer a hands-off approach.
"We offer an internet-based system for automated monthly rental payments to landlords and also do quarterly property inspections to make sure that units are properly maintained. Minor repairs can be done on the spot during inspections, subject to owners' approval, while more extensive repairs are reported to landlords and we have a panel of experts that can attend to these on landlords' instructions," he says.
Meanwhile, he notes that interest in the buy-to-let-market has picked up recently on the back of increasing demand and that “hot” investments at the moment are smaller units, since they yield higher returns (between 8,4% and 11,8% a year) and are the first to find tenants.

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