A 2 bedroom apartment in Clifton.
Photo: Supplied
A 2 bedroom apartment in Clifton. Photo: Supplied
A 4 bedroom house in Dainfern Valley.
Photo: Supplied
A 4 bedroom house in Dainfern Valley. Photo: Supplied
A 2 bedroom apartment in Waterfront.
Photo: Supplied
A 2 bedroom apartment in Waterfront. Photo: Supplied
DURBAN - Private Property has just released their list of the most expensive suburbs to rent property in South Africa. 

The rental data showed that the Western Cape is currently the most expensive province to rent in with a median rental price of R13 500 per month. 

According to Private Property, the cost of renting is driven by the demand in the suburb and demand in a suburb is influenced by a variety of factors including affordability, transport links, lifestyle, security amongst other things. 

Below is a table that ranks median rental prices from most expensive to least expensive:

Province Median Rental Price
Western Cape R13500
KwaZulu-Natal R9500
Gauteng R9000
Northern Cape R8800
Limpopo R7798
Mpumalanga R7400
North West R7280
Eastern Cape R6000
Free State R5995

According to reports, the rental market is slowing down with huge increases in the cost of living consumers are under financial pressure and it limits the increases that landlords can put into action. 

The upper end of the market is starting to experience an oversupply of luxury homes for rent. However, there are many business executives, wealthy foreigners and multinational companies that are still prepared to pay a premium for rentals in elite areas.

Here is a table that shows the most expensive median rental prices according to Private Property for July 2018:

Area Suburb Median Rental Price
Atlantic Seaboard Waterfront 1 R45000
Fourways, Sunninghill and Lonehill Dainfern Valley R45000
Atlantic Seaboard Clifton R42000
Sandton and Bryanston(North) Inanda 1 R40000
Southern Suburbs Constantia R35000
Rosebank and Parktown Melrose Arch R33000
Fourways, Sunninghill and Lonehill Fourways Gardens R32000
Pretoria East (South) Woodhill R30000
Ballito Zimbali R30000
Atlantic Seaboard Bantry Bay R30000

According to the above table the three most expensive suburbs to rent in is Waterfront, Dainfern Valley and Clifton. 

Waterfront

In Waterfront, R45000 rent per month a person can get an 2 bedrooms, 2 bathrooms, fully furnished apartment at the V&A Marina. The apartment overlooks the water and is in close proximity to surrounding amenities. 

A 2 bedroom apartment in Waterfront. Photo: Supplied


Dainfern Valley

For R45000 a month a person can get a 4 bedroom house to rent that has an open plan lounge and fully covered patio. 

A 4 bedroom house in Dainfern Valley. Photo: Supplied


Clifton

For R42000 per month a person get a 2 bedroom apartment in Clifton that overlooks the ocean. The apartment has an open plan living and dining area as well as an entertainment area. 

A 2 bedroom apartment in Clifton. Photo: Supplied
Follow Business Report on Instagram here

- BUSINESS REPORT ONLINE