Connect with us


Joburg elites spend more than R90k on monthly rent



Gauteng’s rental property market is booming.

Would you rent a home for more than R90 000 per month? Well, believe it or not, someone already does – and they stay in the City of Gold.

From compact entry-level apartments to spacious luxury homes, Gauteng’s demand for rental accommodation is booming.

As thousands flock to the province daily in search for lucrative opportunities, the demand for safe and affordable accommodation soars.

“Aside from entry level rentals, people often move up the earnings ladder and then move to better rental houses and suburbs which creates economic value across the rental market,” according to Seeff Property Group.

ALSO READ: Too pricey to stay: When keeping your house hurts your pockets

Highly sought after

While there’s a stark difference between Johannesburg and Pretoria, the cities share something in common – sought after property locations.

So, exactly what kind of properties are currently in demand in Gauteng?

“Secure properties in complexes and estates are now the most popular rental, but freestanding family houses remain in high demand, especially in the upper income areas of Pretoria and Sandton/Johannesburg North,” said Seeff Property Group.

The agency also noted that access to schools, amenities and transport networks as important considerations among potential tenants.

Here’s how much you can expect to pay for rent in Gauteng, depending on your taste and financial muscle.

ALSO READ: International buyers snatch prime Cape Town properties

Africa’s richest square mile

If you’re planning to relocate to Sandton, then be prepared to spend between R10 000 to R15 000 per month on rent for an apartment.

Seeff Sandton rental manager, Caché Pasqualle said the price range was common in Sandton and Johannesburg North.

The area, located within a stone’s throw from Africa’s richest square mile also boasts some high income tenants.

“Exclusive suburbs such as Hurlingham attract upper income tenants who are paying up to R45 150 and in Hyde Park, up to R60 000 to R92 250,” Pasqualle said.

“Many want to live in the northern suburbs for reasons such as business, but also for the status and lifestyle that it offers with excellent proximity to top amenities and private schools.

“Those who cannot afford to buy will then rent until they are financially able to purchase,” she said.

ALSO READ: SA’s expensive homes: Here’s what you can get for at least R100 million

Meanwhile, Randburg remains popular among middle class tenants due to its affordability and centrality.

Rent in Randburg ranges between R7 000 and R14 000 per month for apartments. However, top end houses in suburbs like Randpark Ridge average between R22 000 and R25 000 per month.

Those considering staying in the East or West Rand should budget about R7 000 and R14 000 per month. Apartments in Johannesburg South are also priced within that range, with sectional titles and security complexes being highly in demand.

ALSO READ: WATCH: Inside one of Johannesburg’s most luxurious homes in Waterfall Equestrian Estate

Prim and proper Pretoria

Pretoria’s rental market also boasts some highly sought-after properties, mostly located in Pretoria East.

“Pretoria East is, for example, hugely popular with family and high-end corporate and ambassadorial tenants, but there are also areas where students and new job market entrants look for rental property,” said Seeff rental manager PG van der Linde.

While the average monthly rental for apartments costs around R12 000, high end homes can be quite pricey.

Taking up residency in suburbs like Waterkloof, Mooikloof and Woodhill can cost up to R50 000 per month – while residing in Woodhill Golf Estate can cost anything between R55 000 and R79 300 per month.

Van der Linde noted that the rental market performed well last year, with a positive outlook in 2024. However, he anticipates a dip in demand when the interest rate declines.

ALSO READ: Pure Opulence: World’s 5 most expensive homes

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *