Rental Demand - Durbanville and Surrounds
The demand for rental property around the greater Durbanville area is partially driven by a 67% rise in interest rates since 2021 (from 7% to 11.75% at prime) according to Fanie Marais, licensee for Seeff Durbanville and Welgedacht.
The higher rates and cost of borrowing means that more people will be looking for rental accommodation as it is more affordable than ownership.
Semigration from Gauteng and KZN also increases the demand for rental properties.
Current homeowners and investors see this opportunity to put their properties up for rent.
At the same time, property prices are coming down. According to ooba, the average price paid in the Western Cape declined by 4.9% from year-earlier levels. Demand for investment/rental and holiday properties continues to rebound in the Western Cape - with investments/rentals accounting for more than a third of Western Cape bond applications in May 2023.
Durbanville and its surrounds are already a hugely popular rental area as it is ideal for tenants seeking attractive suburbs that offer convenience and excellent amenities including top schools and affordable rentals.
24 Jul 2023
Author 10387