Nowadays we tend to find ourselves complaining about paying more for less. When it comes to renting accommodation, for most of us, this is definitely the case.
PayProp has recently released the 2019 rental index which has shown an increase in rental growth. The results lead us to believe that the rental growth rate has been good at a 3.7% year-on-year growth. This growth rate compares to that of 2016 and 2017, whereby the market was suffering. This changed during the first quarter of 2018 as it brought in the first uptick in the rental market growth in two years.
In other words… rental prices have increased exponentially!
The Results Are In…
It could be the beautiful mountain or the crisp, blue ocean that attracts residents to the shores of the Mother City, however, all the beauty comes with a pinch to the pocket.
The Western Cape has been ranked as the most expensive province to rent in South Africa according to the PayProp report. The report also mentions that Western Cape tenants are expected to pay a whopping average of R9030 per month for rent.
About 30% of residents rent in the Western Cape fall into the R5 000 – R7 500 bracket, with 30% priced above R10 000 and, over 11% priced above R15 000 – the highest percentage in this band.
Living in a concrete jungle also comes at a price. Gauteng’s second most expensive province to rent in bears testament to this. Although Gauteng is always mocked for their lack of beaches and mountains, Gauteng has been ranked as the wealthiest province in the country. Close to 40% of Gauteng’s rentals cost between R5 000-R7 500. Almost 20% of all rentals in Gauteng cost more than R10 000.
And The Cheapest?
The North West province was ranked as the cheapest province to rent in during 2019. The average rent expected by North West residents was as little as R5 031 per month.
Are you paying way above your province’s average rental price?
To find out where your province is ranked and to determine if you are overpaying, click here to view the full article.car