State of the Rental Market 2024 - Cape Town (Atlantic Seaboard & City Bowl)
Category Property Investment
2024 has seen continued uptick in rental prices achieved across the areas of Atlantic Seaboard and City Bowl, two areas that Kinesis Property predominantly operates in
With the increasing number of properties in these areas focusing on short term rental (Airbnb style model) this has led to some noticeable supply and demand swings over the seasons.
As an example, the summer months in Cape Town has shown us once again that there is a lack of quality long term rentals available and we have seen not only higher rental prices on long term rental but the turnaround time to secure tenants has dropped and certain properties receive multiple applications.
Multiple applications still need to go through a vetting process which we take very seriously at Kinesis Property Group to ensure that the very best tenant is approved.
Time will tell if the rental rates will continue to rise or even out and slow down a bit with the addition of new sectional title buildings being completed which will bring to market new options and supply.
Short term rental properties continue to be in demand with a large number of our sales this year to date being investors that plan to rent out short term (Airbnb).
The challenge with a large number of Airbnb properties in these high demand areas is that when the winter season comes along, these properties once again become available for mid term rental changing the supply and demand once again in a season where tourist numbers drop substantially.
This takes some strategic timing and leveraging networks etc to keep the properties filled.
Kinesis Property has its finger on the pulse of both long term and short term rentals with a proven track record in managing both options successfully for our respective clients.
If you are in doubt about which option is best for your property, reach out to our team and chat to our Principal Agent Cesar Alexandre to give you honest informed feedback backed by stats
Kinesis Property manages a substantial portfolio of rental properties (long and short term) along Atlantic Seaboard, City Bowl and Milnerton. If you are a landlord or tenant do not hesitate to contact us on 021 422 5933 or alternatively you can chat to Cesar directly on +27829316166 / cesar@kinesisproperty.co.za
Author: Cesar Alexandre
