The average monthly rent in every province across South Africa – and what you can get for the price

South Africans are considering renting an apartment instead of purchasing a large house as rising inflation calls for higher interest rate cycles with no reprieve on the horizon.

Makhosini Ndlovu, the head of FNB Commercial Property Finance, noted that there had been a healthy demand for rental properties across the country.

He said that rentals took a severe hit over the pandemic, with many landlords holding rentals or decreasing them due to tenant income pressure.

This, paired with a large number of South Africans purchasing homes as first-timers, taking advantage of massive drops in interest rates, and leaving apartment living behind – pressured the rental market.

In other good news for the rental market in South Africa, credit bureau TPN said that rental payments this year have remained a high priority, despite consumers feeling the pinch.

This, in turn, means that rental income for landlords has remained more steady post-pandemic.

TPN reported that those paying between R7,000 and R12,000 a month are those that are the most committed to making payments, with a good standing level of 88%.

What people are paying

All nine provinces saw an increase in rental prices year over year for the first time since 2017.

PayProp added that several elements, such as the nation’s general economic performance, housing shortages, short-term rental listings, development, and the recovery from the Covid-19 outbreak, could influence rental growth rates

Eastern Cape – R6,451

2 Bedroom Apartment / Flat to Rent in Westering, Port Elizabeth – R6,500

Free State – R6,328

2 Bedroom Apartment / Flat to Rent in Hospitaalpark, Bloemfontein – R6,200

Gauteng – R8,319

1 Bedroom Apartment / Flat to Rent in Craighall, Johannesburg – R8,000

KwaZulu-Natal – R8,443

2 Bedroom Apartment / Flat to Rent in Westville Central, Durban – R8,500

Limpopo – R7,350

1 Bedroom Apartment / Flat to Rent in Hoedspruit, Limpopo – R7,350

Mpumalanga – R7,870

 

2-Bedroom Apartments / Flat to Rent in Nelspruit, Mpumalanga – R7,000

Northwest – R5,468

2 Bedroom House to Rent in Die Bult, Potchefstroom –  R5,350

Northern Cape – R8,626

2 Bedroom House to Rent in Kimberley Central – R8,480

Western Cape – R9,462

1 Bedroom Apartment / Flat to Rent in Zonnebloem, Cape Town – R9,000

Credit Source: businesstech

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