Atlantic Seaboard luxury rental prices down by 25%, a good time to rent
With the pressure on the property market in the Cape and many new developments adding to surplus stock, rental rates in the luxury sector of the Atlantic Seaboard are down by about 25%.
So, if you want to enjoy the fabulous lifestyle that the Seaboard has to offer, there has never been a better time to rent here than right now, according to Vivien Adler and Barbra-Ann Briner, Seeff’s agents for the luxury sector.
Landlords need to be mindful of the economic pressures on the market, though they do take advantage of the perennial demand for rental accommodation in the area by accommodating tenant needs, ensuring that their property is tenanted rather than standing vacant.
“Rental rates currently average at around R20,000 to R40,000 per month for a two-bedroom apartment in new developments,” the agents said. “Houses and villas are in the R50,000 to R120,000 range depending on the location, size and quality.
“This time of the year and heading into the New Year, we usually start seeing a rise in demand and, of course, the good news is that there is plenty to choose from. Rates do differ depending on many factors such as location and what the tenant will pay. We, for example, recently rented out a top-class luxury apartment in Mouille Point for R75,000 per month.”