So, you’re just about three pay cheques into the new year and ready to move out of mom and dad’s house and into your first rental? Here’s what you’ll pay for a rental unit in Cape Town’s most popular first-timer suburbs...
This two bedroom duplex-style apartment in Kenilworth has a sunny living area and balcony with views of Table Mountain and Lion's Head. It is renting at R11 000 per month - click here to view.Moving out tends to rank high on the list of young job market entrants and especially professionals, says Seeff, and the desire for independence and the achievement of being able to “take care of yourself” are some of the reasons why young people enter the rental market.
“You seldom find young professionals and job market entrants buying right off the bat and they tend to rent for about five years, sometimes longer, before they are in the financial position to start thinking about their first property investment,” according to the agency.
Natheema Tymowicz and Imtiaz Adam, rental agents with Seeff Southern Suburbs say that apartments tend to offer the ideal starter rentals. Those who cannot afford to live on their own would take on a flatmate to share the costs.
This renovated two bedroom apartment in Plumstead has a balcony with mountain views and one parking bay. It is priced at R10 000 per month - click here to view.According to a recent PayProp Rental Index, the national average rental is R7 308 per month. The Western Cape is the most expensive province to live in, with the highest average rental of R8 777 per month compared to Gauteng at R7 692. More than 31% of rentals fall into the affordable bracket of R5 000 to R7 500 and a further 16% in the bracket up to R10 000, this being the broad range that would include young professionals and job market entrants. Around 31% to 34% of their income is spent on rent.
Important considerations before you start looking for your first apartment rental include ensuring that you are able to afford the monthly rental. As a guideline, your rental should not be more than about 30% to 40% of your income. A good credit record is a prerequisite. You will also need a security deposit equivalent to one to two times the monthly rent and rentals are payable monthly in advance.
This one bedroom apartment in a new Woodstock development has views of Signal Hill and the harbour plus a balcony. It is renting for R13 500 per month - click here to view.You will be required to enter into a formal rental agreement for a fixed period of time. This is a legally binding contract that sets out the terms and conditions of the rental, with penalties for non-compliance.
You will also need to undertake an incoming inspection with the landlord to highlight any issues or repairs that need to be done. This is important because any damage during your occupancy can be recovered from your rental deposit when the time comes for you to move on.
In terms of where to look, the agents say that easy access to your place of work and a good transport network are important, as are the lifestyle enhancing facilities and amenities. Be sure to look out for basics such as laundry facilities, somewhere to buy your groceries and necessities and a fitness centre. Youngsters also tend to look for areas with “hot hangouts” and a nightlife. Security and parking are important considerations.
Woodstock, Observatory, Claremont, Kenilworth, Plumstead and Diep River
This furnished studio apartment on Cape Town's Foreshore is air-conditioned and has a complex gym and pool. It is priced at R10 500 per month - click here to view.Popular areas in Cape Town include anything from Woodstock and Observatory to Claremont and Kenilworth, and as well as Plumstead and Diep River, say Tymowicz and Adam. Average rental rates for the Southern Suburbs range at R7 500 to R10 000 per month for one bedroom and R9 000 to R20 000 for two bedrooms.
Diep River and Plumstead are up-and-coming areas where you can find a two-bedroom unit for around R7 000 to R8 500. Adam says these areas were overlooked in the past, but young professionals are now settling here because of the affordability and proximity to excellent amenities.
The Woodstock area is popular now, according to Tymowicz, who says the new Ironworks development is now coming onto the market for long-term rentals. A small one-bed unit starts at R10 500 per month, a large one-bed at R13 500 and a two-bedroom unit at R14 500.
Cape Town CBD
This furnished one bed apartment in Cape Town's City Centre is close to Company Gardens and St Georges Cathedral. It is renting at R13 500 per month - click here to view.Another popular area for young professionals, is the CBD where you are close to work and can walk, cycle or take a short Uber hop to a host of facilities such as the Cape Town Stadium for sporting events and concerts, the Waterfront, Green Point, De Waterkant, Sea Point and the attractions of the Atlantic Seaboard.
Craig Watchurst, a rental agent with Seeff City Bowl, says unfurnished studios in the CBD range from R8 500 to R10 000 and from R10 000 to R12 000 for one bedroom and R12 000 R15 000 for two bedrooms, although rentals can go as high as R22 000 (R35 000 for furnished). Furnished units cost about 20% more.
Sea Point, Green Point and Three Anchor Bay
This refurbished one bedroom apartment in Green Point is available for long-term rental at R12 000 per month - click here to view.Sea Point and surrounds are also popular, according to Christine Ireland from Seeff Atlantic Seaboard. Rental rates for studios range from R8 000 R10 000, one beds from R9 500 to R12 000 and two bedrooms from R15 000 to R25 000 here, and in neighbouring Green Point and Three Anchor Bay.
Blouberg
The Blouberg area is particularly popular with young professionals who want a seaside lifestyle or have an interest in kite surfing or paddle boarding, says Clinton Martle, Seeff Licensee for the area.
This large one bedroom apartment in Big Bay, Blouberg, is a 3 minute walk to the beach and is renting at R11 500 per month - click here to view.There is a large choice of sectional title complexes across the whole neighbourhood, ranging from affordable apartments in the old Parklands and Table View areas to beach apartments in Wave’s Edge, Bloubergsands, West Beach and Big Bay, he says.
Rentals start at around R6 500 per month for a one-bedroom unit in Parklands/Table View to around R8 000 per month for two bedrooms. Apartments closer to the beaches range from around R10 000 per month for two bedrooms and upwards of R13 000 for three bedrooms.
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