The demand for premium holiday accommodation in sought-after Cape Town suburbs such as Clifton and Camps Bay means that rentals for high-end properties in these areas can reach in excess of R40 000 a day. Pam Golding Properties rental agent Janine Sullivan says short-let properties at this end of the price scale are usually a stone’s throw away from the beach and well located near to the V&A Waterfront and city centre.
With international and local visitors jostling for short-term holiday accommodation during the Mother City’s busy summer season, property owners are reverting to Pam Golding’s experienced rental division for help with the management of their holiday rentals. “Many owners are realizing just how much energy and time is required to manage holiday bookings when renting out their properties themselves. They’re opting instead to work with an experienced and reliable property professional such as Pam Golding Properties to handle every aspect of the short-term rental bookings, especially during peak season,” says Sullivan. “This gives them peace of mind to enjoy their holiday without worrying about their homes. Examples of recent short-term holiday lets by Pam Golding Properties include a five-bedroom Camps Bay home for R26 500 a day, and a three-bedroom house in the same area for R12 500 a day. Both properties were rented for two weeks”.
Sullivan says 90% of Pam Golding Properties’ rental enquiries are from international clients, with the remainder coming from Gauteng and other parts of the country. Most visitors will spend an average of six days to a fortnight in a short-let unit. She adds that Brexit and the weakened pound has had little impact on this holiday rental market as most UK guests had booked well in advance before the knock to their exchange rate.
Pam Golding Properties Western Cape has a well-established rental division and in the past year it has concluded impressive monthly rentals in several areas. Notable long-term leases in the past six months include: a let in excess of R155 000 for a three-bedroom Bishopscourt home; R89 000 for a five-bedroom house in Bantry Bay; R85 000 for a three-bedroom Clifton apartment; R65 000 for a five-bedroom in Camps Bay; R45 000 for a four-bedroom house in Higgovale and R43 000 a month for a four-bedroom property in Tamboerskloof.
The strong rental demand is underpinned by several factors including migration from other provinces, a choice of some of the country’s finest schools and tertiary institutions, as well as Cape Town’s reputation as a well-managed city, explains Pam Golding Properties Cape Metro Rental Manager Dexter Leite. “There have also been a number of enquiries from foreign corporates looking specifically for security or gated estates, particularly in the Southern Suburbs,” he adds.