This Stefan Antoni-designed Bantry Bay home with four bedrooms, a lift and open-plan living areas opening into the garden and pool area, is to let through Pam Golding Properties at R100 000 a month.
The rental market continues to perform beyond expectations in the Western Cape, says Pam Golding Properties’ rental manager for the Cape metro region, Dexter Leite.
“We have been busy from November to February, with more than 650 leases worth over R40 million in this period – almost all of them long-term. These included a number of high-end deals in the southern suburbs and along the Atlantic Seaboard. January and February were the most successful of the entire financial year ending in February,” says Leite.
“January and February are traditionally high turnover months for rentals and this year was no exception. Although the noteworthy deals for luxury homes made a substantial contribution, it was also significant that there was sustained demand across the lower price brackets too, and across most areas in Cape Town – not just those renowned for trophy properties.”
Some of PGP’s most notable deals included the following leases:
Clifton – R120 000 for a three week let of a bungalow to an overseas visitor.
Bishopscourt – R47 600 a month for a one year let of a modern family home to a local family.
Constantia – R42 000 a month for a five-bedroom home in a secure estate with mountain views; rented by an overseas family for one year.
Camps Bay – R40 000 a month for a four-bedroom home, let to a foreign national working in SA.
Newlands – R30 000 a month for a three-bedroom family home in a secure complex, let to local tenants on a one year lease.
Big Bay, Bloubergstrand – R20 000 for a modern four-bedroom home in a secure estate, leased to a local businessman and his family for one year.
PGP’s MD for the Western Cape Metro region, Laurie Wener, says the results for November to February seem to fly in the face of some analysts’ assessments of the market.
“Some industry commentators have been painting a gloomy picture of the rental market in recent months, but this has not been our experience – in fact, we have seen growth in the market. We believe this is a natural consequence of the fact that mortgage finance is still difficult to obtain, despite the fact that some financial institutions have begun easing their lending policies again. It is still difficult for lower-income earners and particularly self-employed people to obtain home loans, and this naturally drives more would-be home-owners into the rental market. Banks are also still hesitant to grant mortgage finance in areas they consider to be high risk.”
Leite says the forthcoming electricity price hikes may have some impact on segments of the rental market.
“We expect it will result in downscaling by some tenants, especially those who are already financially stretched,” he says.
“The full impact of the Soccer World Cup on rentals in Cape Town, remains to be seen. PGP has opted to focus on top-end homes for this period, restricting its offering to a selection of luxury homes in the City Bowl, southern suburbs and Atlantic Seaboard. There have been some initial enquiries, but as we enter the final stretch to the tournament, we still have a fine selection of luxurious homes to offer discerning and well-heeled football fans,” says Leite.
