Pam Golding Properties’ Western Cape rental division has reported its best trading year on record: Turnover increased by some 19% for its 2015-2016 financial year (ending 29 February 2016). February was also a record month – the division concluded leases to the value of R26 million.
Dexter Leite, Pam Golding Properties rentals manager for the Cape metro region, said a notable trend was the growth in its Atlantic Seaboard holiday lets from December onwards.“Cape Town is the destination of choice for many. It offers good value for money, especially for international clients who generally benefit from the current, favourable foreign exchange rate.”
The Group’s rental division operates in area-specific categories ranging from bachelor and studio apartments to five-bedroom houses. Top-end homes in Constantia, Bishopscourt and the Atlantic Seaboard have fetched R80 000/month to R150 000/month, while high-end apartment rentals in Mouille Point, the Waterfront, Bantry Bay, Camps Bay and Clifton range from R30 000/month to R150 000/month, said Leite.
An example of an exceptional property is a designer home available through Pam Golding Properties for R220 000/month on a long-term rental. Designed by a leading architect over two plots, it has a state-of-the-art media room/home theatre, studio/gym/party room, elevator access to all levels and even a vineyard, wine-making studio and state-of-the art wine tasting room.
The Southern Suburbs (including Constantia, Bishopscourt Newlands, Claremont, Kenilworth and Tokai), City Bowl and Atlantic Seaboard remain in demand.“Potential tenants carefully consider factors such as traffic congestion, time to and from work, proximity to educational facilities and amenities as well as lifestyle choices.”
The City Bowl’s close location to some top schools (St Cyprian’s, German International School and French School of Cape Town) and tertiary institutions (AAA School of Advertising, UCT Hiddingh Campus, CPUT, Fedisa) underpins the rental demand for student and family homes. The City Bowl is also trending in popularity, with millennials in particular seeking a live-work-play cafe society lifestyle, incorporating cultural happenings.
“That said, demand has also increased in the Southern Peninsula areas of Fish Hoek, Simon’s Town and Noordhoek, with the Northern Suburbs areas also providing good value and remaining popular.”
“We have also seen international executives relocating and seeking top quality homes in prime areas. Many prominent schools such as Herschel and Bishops, proximity to UCT and other tertiary institutions, make the Southern Suburbs very popular. Security estates in Tokai and Constantia have also been in demand.”
Pam Golding Properties rental manager for the Blaauwberg area, Christa von Moltke, confirmed there had been strong demand both for short-term holiday lets and longer-term rentals for professionals. Foreigners make up the majority of holiday rentals, with popular lock-up-and-go furnished apartments available for R20 000-R25 000/month, and large furnished homes let for up to R45 000/month. Longer-term rentals range from a single professional contractor renting an apartment for R20 000/plus, to a family renting for R30 000/month and more.
South Africans relocating to the Western Cape from other parts of the country have been a significant contributor to the Hout Bay and Llandudno rental arm of Pam Golding Properties, said Patrick Maingard, area principal. However, some former landlords have capitalized on high Hout Bay prices and sold their properties. There are also a large number of upmarket security estates in the neighborhood that appeal to potential renters, who can expect to pay from R22 000/month to R75 000/month for a home in such a complex.
Leite said Pam Golding Properties’ rental division provided a vital service to its clients, whether they were seeking medium-to long-term permanent accommodation, or testing out living in a particular area before buying a property.
“We provide investors and landlords with a comprehensive service offering, based on our extensive experience, whether they want to secure a qualified tenant or seek management of the tenancy.”