Are you a young professional starting a new family, or do you enjoy living a lavish lifestyle?
According to the TPN Credit Bureau, the Gauteng province is home to the largest rental market in the country. The metro’s rental market now sits at about 48% of all households and offers a great selection of affordable properties. Data gathered by PayProp supports this showing the average rental prices across top South African Metros in 2022 as follows:
Seeff states that year-on-year rental growth finally returned to a positive state and reflects excellent potential as we move into the post-pandemic era.
Constant petrol hikes and increased cost of living continue to plague many South African metros; however, keeping updated with the state of the rental market could assist you in finding the perfect rental to suit your lifestyle and budget. Whether you are growing your family or cutting back on living costs, there is no need to sacrifice security in 2022.
The Gauteng rental market accommodates a range of tenants, with top-end tenants paying up to R55,000 per month for a house in Dainfern Valley Estate and R92,700 per month for a luxury penthouse in Park Central, Rosebank; Seeff Sandton closed the leases on both these magnificent upmarket homes.
This area remains in high rental demand due to its apartments, townhouses, and estates. According to Rental Property Manager PG van der Linde for Seeff Pretoria East, the site is now a high-demand rental location for its apartments, townhouses, and estates. Pretoria East includes a choice of suburbs that cater to various price points, from affordable apartments to luxury estates and suburbs that attract business and government executives and ambassadorial staff.
For students and young professionals, areas such as Lynnwood and Menlo Park are popular due to the proximity to schools and the University of Pretoria. The region is cosmopolitan, with plenty of restaurants and eateries. There are also many new upmarket developments, with rates starting at around R13,000 for sectional title and upwards of R30,000 for full title in the estates and boomed-off areas.
The area offers excellent affordability, with sectional title units renting out between R7,000 to R9,000 per month on average.
At the top end, the average cost is around R30,000 to R80,000 per month. Lifestyle and security are important considerations for many of these tenants.
Seeff Centurion Manager Tiaan Pretorius says the area has an active rental market, and rents have remained stable. Top attractions for the rental market include great schools and amenities and a high volume of security complexes and estates. On average, apartments rent for about R7,000 to R10,000 per month. Houses available in security estates rent for about R15,000 to R20,000 per month.
Seeff Sandton Rental Manager Rochelle Holland says rental rates have remained relatively stable. While top-end rentals can range to about R195,000 per month for a spectacular high-end estate in Sandhurst, there are many affordable areas for young professionals and families alike.
The highest demand is in the R7,000 to R12,000 per month range. Apartments in areas such as Rosebank and Dunkeld West offer modern living, costing around R27,000 to R28,000 per month.
Affordability is a crucial characteristic of Midrand; apartments in the area start from just R6,000, and houses can go upwards from R8,000, although top-end homes can go for as much as R25,000 to R40,000 per month.
Seeff Randburg Property Practitioner John O’Reilly says Randburg is a vast area characterised by affordability combined with a great location with easy access to Sandton and many business nodes, top schools, and amenities. Rental rates remain affordable at around R6,200 to R11,500, with family houses ranging from about R16,000 to R18,000 per month.
In significant family areas such as Ferndale, which borders the Sandton area, you can find apartments from R5,500 to R11,200 per month. Randpark Ridge also offers excellent value with apartments from around R6,000 to R11,000 and houses from R15,000 to R16,000 per month.
Seeff Southcrest Property Practitioner Claire Store says that while the more affordable rental market experienced significant challenges, properties in areas such as Southcrest, Verwoerdpark, and Alberton remain some of the best value for money.
These well-maintained areas are safe and offer proximity to schools which is great for young families. Rates range from around R7,000 to R10,500 per month but can go to R12,500 for a top property.
The Gauteng rental market has something for everyone, from high-end rentals in Sandton to family-friendly areas in Ferndale. This metro accommodates different income brackets and lifestyle needs, and if you need expert rental guidance, Seeff is here to provide the peace of mind that comes with finding the perfect home.
If you are interested in buying a property, feel free to contact one of our capable property practitioners. If you enjoyed reading this article, you might consider reading our article on ensuring your property investment is fit for the rental market.