Millennials have moved into the Cape Town Central City in a big way. In fact, according to early results from the Central City Improvement District’s (CCID) annual online residential survey, residents aged between 18 and 34 make up 47% of residents. This is up from 44% of respondents in the 2015 survey.
“Clearly, our downtown area is echoing the trend that has been spotted in many other downtowns across the world, where urban living is really being embraced by millennials,” said CCID communications manager, Carola Koblitz. “An urban lifestyle ‘defines’ them, but it also puts paid to the misconception that the Cape Town Central City is too expensive to live in if you’re under 35.”
The East City is most popular and renting has outpaced ownership in the CBD, said Koblitz. “This makes sense when you see that the category regarding owners who own a flat in the CBD but rent it out to others has increased significantly year on year, from 3% in 2015 versus 12% in 2016,” she said. “And we know from the day-to-day enquires we get from people wanting to rent in the CBD that the demand is high.”
Photo: The Company’s Garden is the favourite hangout for Central City residents