Despite its strong rental growth, the Western Cape also has some of the very cheapest rentals, with 2.7% of properties costing less than R1,000, above the national average.
The average rentals for property across South Africa has now exceeded R9,000, with the national figure standing at R9,051 in the fourth quarter of 2024. This marks a significant increase in rental costs, driven largely by continued growth across most provinces.
Smuts pointed out that the rental market has fully returned to pre-pandemic levels of growth.
“The rental market finally returned to pre-pandemic levels of growth in the final quarter of last year, and that positive trend continued into the first quarter of 2023,” she said.
The Northern Cape had the highest rental growth rate in Q1 2023, with year-on-year growth of 10.2%. This marks the fourth consecutive quarter in which it has been South Africa’s fastest-growing province in terms of rental prices. The average rent in the Northern Cape increased to R9,248, up from R8,962 in the previous quarter.
While the Northern Cape has seen explosive growth, other provinces also recorded significant increases. KwaZulu-Natal, which entered the top three most expensive provinces last year, saw its average rent rise to R8,801, an increase of 5.0% year-on-year.
Similarly, Limpopo experienced a 6.5% year-on-year increase, reaching an average rent of R7,657, while Mpumalanga’s average rent rose by 5.1%, bringing it to R8,268.
https://www.timeslive.co.za/authors/modiegi-mashamaite/
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