- Increased demand from both local and international tenants is driving high-end rentals in SA as the economy continues to open up after the Covid-19 pandemic.
- A survey among estate agents shows the highest rental is R290 000 pm for a 10-bedroom family home in the Cape Town suburb of Constantia.
- Along the Garden Route, one can pay up to R55 000 per day for short-term holiday rentals during peak season.
As the post-pandemic economy continues to open up, the luxury housing rental market is on a recovery path thanks to increased demand from both local and foreign tenants. But this has seen consumers coughing up as much as nearly R300 000 per month for a high-end home in one of the country’s priciest suburbs.
Areas such as the Cape Town Atlantic Seaboard, Constantia Upper, Bishopscourt, Sandton, Paarl, Franschhoek and luxury estates in particular are once again achieving monthly rentals of over R100 000 per month, according to rental agents at the Seeff Property Group.
On top of that, the opening up of borders after the Covid-19 pandemic has seen more high-end international tenants heading back to SA, often for business purposes.
Along Cape Town’s Atlantic Seaboard, Seeff has concluded a R100 000 pm rental in Camps Bay to a family from Sweden, R80 000 pm in Fresnaye to a family from Switzerland, and R70 000 pm in Camps Bay to an American corporate tenant.
In Upper Constantia, a R130 000 pm, three-year lease was paid upfront by a tenant from Ireland. In Sandton R92 700 pm was obtained for a penthouse in the Park Central development in Rosebank.
Higher-end rentals in the greater Sandton and Johannesburg North areas are also popular among tenants from other African countries.
“If you hope to rent in the high-end suburbs of Sandton, along the Atlantic Seaboard, Constantia, Bishopscourt and on luxury lifestyle and golf estates, basic entry-level rentals tend to range upwards of R35 000 to around R85 000 on average with exceptional top-end properties ranging to over R100 000 pm,” says Seeff chair Samuel Seeff.
The highest rental Pam Golding Properties (PGP) currently has in the Mother City is R290 000 pm for a 10-bedroom family home in Constantia. It comprises around two acres of land and has views over False Bay, guest cottages, private vineyards, a tennis court, fully equipped gym room, a jacuzzi, and swimming pool.
In the southern suburb of Claremont Upper a five-bedroom home was let for R170 000 pm.
Along Cape Town’s Western Seaboard, PGP has a beachfront villa with views of Table Mountain and beaches in the luxurious Water’s Edge Estate in Big Bay. The rental for the five-bedroom, five-bathroom property is R75 000 pm. There is an open plan entertainment area, cinema room, games room and gym as well as an elevator.
In the Somerset West, top rentals will be around R60 000 pm to R70 000 pm, for example in upmarket estates such as Bellaire, and the Erinvale Golf Estate, according to Katya Varga of PGP in the area. In Stellenbosch top-end rentals will be around R77 000 pm in the De Zalze estate or R40 000 pm in Brandwacht Aan Rivier.
In Hermanus PGP concluded a rental for R45 000 pm, but agent Annien Borg says over the December and January holiday period the rent increases to R5 000 a day or R150 000 pm.
Along the Garden Route, one can pay up to R55 000 per day for short-term holiday rentals, according to Gordon Shutte of PGP in Knysna and Plettenberg Bay. The highest monthly rental achieved in the area during the pandemic was R50 000 pm for a six-month rental to a family from Johannesburg.
Rochelle Holland, rentals manager for Seeff Sandton, says there has been a huge increase in demand across the Sandton and Johannesburg north area this year, especially in golf estates in the Fourways area and in suburbs close to the Sandton CBD. These include Morningside – R25 000 pm to R35 000 pm – as well as Hyde Park and Sandhurst – generally in the R70 000-plus pm range.
In Melrose Arch Pam Golding Properties has a three-bedroom penthouse renting for R75 000 pm (unfurnished) or R80 000 pm (furnished); it has a large entertainment patio and deck with a swimming pool and has great views.
In Hyde Park, Sandton, PGP has a modern villa renting for R90 000 pm with large entertainment areas and even a glass-enclosed wine cellar and fire pit.
In Morningside, Sandton, PGP has a nine-bedroom house for R100 000 pm. The house can be divided into three individual homes – for example for various family members – or it can be incorporated as one.
On the Dainfern Golf Estate in Midrand PGP has a five-bedroom house to rent at R150 000 pm (fully furnished at R180 000 pm). It offers an outdoor entertainment areas, a heated pool, jacuzzi, fire pit, and pizza oven.
In Pretoria East luxury estates rentals are popular, including among foreign embassy staff. Luxury homes rent for upwards of around R30 000 pm to between R70 000 pm and R80 000 pm with security and lifestyle a main priority for tenants.
The KwaZulu-Natal North Coast is popular with international tenants as well as South Aficans semigrating from “upcountry”, according to PGP.
Rentals for high-end properties range from around R35 000 pm to as much as R60 000 pm in Hawaan Forest Estate and R100 000 pm for a luxury house in Umhlanga Rocks.
Rentals on estates in the Zimbali/Ballito area such as Zimbali currently range from around R45 000 pm to R55 000 pm, according to David Cameron of PGP in the area.
These rentals are usually in Zimbali and the Simbithi Eco Estate. There is currently a rental in Simbithi for R54 000 pm and one for R45 000 pm was recently concluded.
“Simbithi offers a myriad of activities for the whole family, including catch and release fishing, tennis, gym, swimming, walking trails, and a cycling trail,” says Cameron.