Owners in Cape Town’s bustling Sea Point and Green Point are increasingly asking their agents to offer shorter leases of six to nine months to tenants on furnished apartments so they can take advantage of the lucrative holiday market.
These two suburbs are unbeatable when it comes to convenience and accessibility to Cape Town’s CBD, beaches, parks, restaurants, theatres and shows. “This makes them favourite destinations for holiday makers and other short term renters like swallows,” says Glenda Luitingh, Sales Manager at Jawitz Properties Atlantic Seaboard.
Sea Point and Green Point are also seen as ideal springboards to settling into living in the Mother City. People who move to Cape Town for the first time from overseas or from other areas of the country find Sea Point and Green Point to have a bit of everything.
“These areas are perfectly equipped and situated as a great place to base yourself initially while exploring Cape Town and deciding where to eventually settle,” says Luitingh. “The close proximity to the CBD and the Waterfront is very appealing with every amenity imaginable just down the road, many within walking distance,” she adds. Those looking for a ‘lock up and go’ lifestyle are also fans.
As a result, there is a huge demand for accommodation, including unfurnished rentals, cottages, pet friendly accommodation and also garden apartments.
In the summer months, Sea Point is extremely popular; particularly the Sea Point promenade which on a warm summer’s evening is packed with dog walkers, exercisers and sundowner enthusiasts. The winter months are just as popular with bustling restaurants and plenty to do. Green Point is highly sought after for its cosmopolitan feel and wealth of shops and restaurants while a hop, skip and a jump away at the Cape Quarter Lifestyle Centre, visitors can choose from many delicious eateries and coffee shops and explore a good variety of speciality stores.
Green Point has enjoyed substantial urban renewal since the 2010 World Cup and the addition of the Green Point Stadium. This economic boost has inspired additional refurbishments and renovations of older apartment blocks, as well as new developments coming on stream.
Entry level rentals in Sea Point are currently between R5, 500 and R6000 for a studio apartment while in Green Point the same would be R6, 500.
“These are about the lowest rents you’ll pay in these areas currently. Some rentals can go as high as R100 000 per month at the top end of the market. The average rental, however, is between R10 000 and R20 000 for a one- or two-bedroom apartment,” she adds. “Two examples in the area are The Ivory and 7 on Tramways which still offer lucrative buy-to-let investment opportunities. It’s a positive, buoyant market and certainly the place to be,” Luitingh concludes.