Guide to rental prices in SA
Many people ask whether they should buy property for sale in Sandton, or rent. The truth is, there is no correct answer to the question as both come with a number of benefits. However, if you are leaning towards rentals, you should check out the current median rental prices in SA.
Should you rent, or should you buy property for sale in Sandton? There is no wrong answer to this question, as essentially there are benefits to both options.
When deciding to purchase, you are committing to a long-term investment, but the spend you put in can be made back up if you ever decide to sell your asset in the future. Going the rental route allows for complete flexibility, a more cost effective monthly solution but does not offer the potential future gains.
In the current financial climate, many people opt to go for rentals to cut down on costs. Landlords also have to find ways to deal with the pinch to ensure that their homes are not sitting empty and become an extra cost to them. To combat this, they are often restricted when it comes to annual increases, allowing tenants to have a more affordable option.
If you are among the group of people that are steering clear of purchasing right now, then the information produced by Private Property regarding the average rental prices across South Africa may interest you.
As one would expect, the Western Cape was at the summit with the most expensive average rental price. The city is known for its high living costs, and it completely runs away from the pack with a median rental price of R13 500. This is significantly higher than the rest of the provinces, and for this reason it is also no surprise that they take up four places on the list of the most expensive luxury rentals, with properties going for up to R45 000 monthly.
Gauteng is ranked third on the list, with the median rental price in the province being R9000. Despite this, the most affluent areas are also a dominating force in luxury rentals, with Gauteng actually taking five spots on the top 10 list, with Dainfern Valley also fetching rentals as high as R45 000 per month.
To see what the median rental price across the country is, check out the full list below:
- Western Cape: R13 500
- KwaZulu-Natal: R9500
- Gauteng: R9000
- Northern Cape: R8800
- Limpopo: R7798
- Mpumalanga: R7400
- North West: R7280
- Eastern Cape: R6000
- Free State: R5995
