Three SA neighbourhoods with average rent of R120,000 per month
You'll need anything between R40,000 and R120,000 to live in some of South Africa's most affluent neighbourhoods.
The Western Cape is home to some of the most affluent neighbourhoods in South Africa, with many High-Net-Worth Individuals calling it home.
Naturally, with this high level of wealth and affluence comes extremely high property and rental prices.
According to BusinessTech, High-Net-Worth Individuals (HNWIs) these days are opting to rent rather than buy houses on the Western Cape coast.
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Despite the high property prices, money is not the reason for these individuals opting to rather rent.
HNWIs often live dynamic lifestyles, which often include a lot of travelling and relocations.
Opting rather to rent ensures these individuals have the freedom to allow for swift changes in their lifestyles while still enjoying the luxury and exclusivity that comes with these wealthy neighbourhoods.
BusinessTech also noted that South Africa's volatile real estate market can be seen as a risky investment for some.
So, where do these individuals live?
According to Rode's Property Report for the second quarter of 2024, some of the highest rental prices are in Camps Bay, Clifton, Bantry Bay, Sea Point, Green Point, and Three Anchor Bay.
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Rent in these areas ranges anywhere from R11,250 per month for a one-bedroom to R43,000 per month for a three-bedroom for standard units.
Rent in upmarket properties is much higher, with rent in Camps Bay, Clifton, and Bantry Bay averaging R40,000 per month for a one-bedroom to R120,000 per month for a three-bedroom.
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