Hout Bay’s rental market is under pressure due to a shortage of long-term rental properties. This is according to Natasha Gussenhoven, rentals agent at the Hout Bay branch of Knight Frank Residential SA.
She said that many foreigners use their properties over the holiday period and then want to rent them out during the winter months, while local landlords who also want to capitalise on the short-term lets to holidaymakers but want to rent their homes for the remaining six to eight months as normal lets.
This creates an imbalance, said Gussenhoven, noting that while there are homes currently available for the quiet period this is not what the tenant base wants.
“They want a year (at least) to two years of uninterrupted occupation of the unit, with the option to renew if they’d like,” she said. “Rentals across all 27 suburbs of Hout Bay can range from R10,000 to more than R35,000, but the main demand is in the R10,000 to R20,000 price range.”
Interestingly, garden cottages are very popular currently, and rent for anything between R7,000 to R16,000 (for a two-bedroom in a farm-like setting).
Photo: A two-bedroom cottage which rents for R15,000 per month, unfurnished.