Stable rental prices are keeping the Richards Bay rental market buoyant according to property company Seeff whose Richards Bay branch that celebrated their 10 anniversary. earlier this year.
During that time the company has gone from strength to strength – and members of the Seeff Richards Bay team now sell the most units and also lease the most units of all the Seeff branches across KwaZulu-Natal.
Elaine Chetty, who has been running the Seeff Richards Bay office with her husband Silven said, "Richards Bay has always been a sought-after rental market due to the vast number of industries that are present in and around this coastal town. Although the rental market in this popular coastal area has retained considerable strength, one of the main reasons for the area’s continued resilience is that landlords have been more open to negotiation, which has resulted in stable rental prices".
"There is a continuous influx of people coming into the area owing to better work opportunities. These people choose to rent a property before considering a more long-term decision like purchasing a property. Our tenants consist of a mixed demographic group, with almost 70% of them being people of colour.," added Chetty.
Statistically Seeff has seen a great demand for sectional titles in the area, and 75 percent of the properties that we rent are sectional title properties, with the rest being freehold. Many of the sectional title developments are mixed-use and provide numerous amenities.