Two of South Africa’s three capital cities charge the most for rent in South Africa.
Properties on the Atlantic Seaboard in Cape Town easily charge the most rent in South Africa, while upmarket apartments in Pretoria are also highly pricey.
“Regionally, Gauteng surprised us with its flat vacancy rate declining significantly to 7,1% from 9,3% in the first quarter of 2024,” said the report. The Western Cape stood out with its low flat vacancy rate of 2.7% in Q2 2024, well below the national average.“The Western Cape has the best tenants of all nine provinces based on first-quarter 2024 PayProp data, with only 14,2% of tenants in arrears.”Rode said that the decline in the national vacancy rates since their COVID peak of 13% has supported rental growth.
However, the South African Reserve Bank looks set to cut interest rates in September, with inflation heading to the central bank’s target of 4.5%, the rand strengthening following the formation of the Government of National Unity and the USA also set to cut interest rates.
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