Areas such as the Cape Town Atlantic Seaboard, Constantia Upper, Bishopscourt, Sandton, Paarl, Franschhoek and luxury estates, in particular, are once again achieving monthly rentals of over R100,000 per month.
These include R130,000 per month in Upper Constantia on a three-year lease which was paid upfront by a tenant from Ireland and two high-value rentals in Camps Bay of R100,000 and R95,000 per month, respectively. In Sandton/Johannesburg North, Seeff also secured a significant R92,700 per month for a penthouse in the Park Central development in Rosebank.
They are looking for premier properties in Constantia Upper, often coming to South Africa for work or business, and demand high-quality rentals. While there is generally adequate stock at the high end of the market, she said there is a shortage of mid-market stock in the R20,000 to R30,000 per month range on the back of high demand.
While the majority of high-end leases are concluded with local tenants, she said there has been an uptick in demand from international tenants as well as from other African countries. Many are relocating to Joburg for work purposes and mainly look at the inner Sandton suburbs. It is expected that both the Cape Peninsula as well as the surrounding coastal and winelands areas will be in hot demand over the approaching summer and holiday season. This, said Atkinson, will naturally further boost the demand for rentals.
Source: News Formal (newsformal.com)
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