PROPERTY: Rental Market Holds Its Own
Recent Western Cape Business News
There is ongoing demand for rental properties in the Cape Town metropolitan area, reports Pam Golding Properties. The company’s Western Cape rentals division is concluding high volumes of rental deals – especially long-term rentals - with an ongoing demand for properties in the upper price brackets. PGP recently concluded a lease for over R110 000 per month in Bishopscourt, and is continuing to achieve excellent rental rates across all areas of the city.
PGP’s rentals director Dexter Leite says renting a home is proving to be a very practical option for many South Africans in the current property market. “For those targeting lower-priced homes,” says Dexter, “the difficulty of obtaining bond finance continues to be a major stumbling block. Many of these would-be buyers have no option but to rent for the time being. And for those in the higher price brackets, the practicalities of renting can make their lives simpler and easier – especially for those who are unsure as to their future, and who may be contemplating a change of city or job. This also applies to the large number of expatriate South Africans who are returning home after years abroad and who may not have any certainty as to where they will end up living or working.”
Leite says the benefits of renting include affordability, as capital is not tied up with deposits, transfer duties and bond repayments, and tenants are not responsible for insurance, rates or maintenance of the home. Flexibility is another plus, as it’s easier to get out of a rental lease than it is to sell a home. Renting also means that the tenants are not locked into a particular area or city, and can move easily if their circumstances change – for example, if they are transferred, change job, or need a larger home to accommodate a growing family. “The rental market is particularly ideal for contract workers, both local and international, who may only be in a particular area for a fixed period of time, and will then want to move on with the minimum of fuss,” says Leite.
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