Super luxury property rentals are back! | Everything Property
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Super luxury property rentals are back!

luxury property rentals

Seeff Property Group’s rental agents report that a strong recovery in the luxury housing rental market. Areas such as Cape Town’s Atlantic Seaboard, Constantia Upper, Bishopscourt, Sandton, Paarl, Franschhoek and luxury estates in particular are achieving monthly rentals of over R100,000 per month.

Rental rates have also escalated notably in the high demand price brackets on the Atlantic Seaboard according to Jessica Marais, rentals manager for Seeff Atlantic Seaboard.

With economies opening up and international travellers returning to SA, Seeff expects a strong summer and tourist season. Already, we have achieved significant luxury property rentals over the past year, says Seeff Property Group chairman Samuel Seeff.

These include R130,000 per month in Upper Constantia on a three-year lease which was paid upfront by a tenant from Ireland and two high value luxury property rentals in Camps Bay of R100,000 and R95,000 per month, respectively. In Sandton, Johannesburg North, Seeff also secured a significant R92,700 per month for a penthouse in the Park Central development in Rosebank.

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Camps Bay – R80,000/month for this 4-bed townhouse villa overlooking the Atlantic Ocean

STOCK SHORTAGES AND PREMIUM RENTAL RATES PAID ON THE ATLANTIC SEABOARD

Jessica Marais agrees that there has been a tremendous uptick in luxury rental demand this year across the high-end suburbs such as Camps Bay, Fresnaye and Tamboerskloof in the City Bowl.

Demand is coming from local and foreign tenants. Seeff has concluded a number of high-end luxury property rentals to foreign tenants. These include R100,000 per month in Camps Bay to a family from Sweden, R80,000 per month in Fresnaye to a family from Switzerland and R70,000 per month in Camps Bay to an American corporate tenant.

Looking ahead to the summer high-season period, she notes that stock levels are depleted with quality properties renting out quickly. Due to the high demand for luxury property rentals, rental prices are up by between 15 to 20 percent from 2021.

CONSTANTIA UPPER AND BISHOPSCOURT ACHIEVING RECORD RENTALS

Seeff Constantia rental agent Jacqui Bush, confirms there is now strong demand from international tenants. Aside from achieving a record rental of R130,000 per month in Constantia Upper, she is working with various clients from the US and UK.

They are looking for premier properties in Constantia Upper, often coming to SA for work or business, and demand high quality luxury property rentals. While there is generally adequate stock at the high end of the market, she says there is a shortage of mid-market stock in the R20,000 to R30,000 per month range on the back of high demand.

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Constantia Upper – R130,000/month for this spectacular estate with a 5-bed main residence plus two cottages and three staff suites

SANDTON, JOHANNESBURG NORTH ATTRACTS MORE TENANTS FROM OTHER AFRICAN COUNTRIES

The greater Sandton and Johannesburg North areas are prime rental markets for luxury property rentals driven by local demand as well as international (including from other Africa countries). Seeff Sandton  rentals manager Rochelle Holland, also notes that there has been a huge increase in demand across the Sandton and Joburg North this year, especially in golf estates in the Fourways area and in suburbs close to the Sandton CBD. These include Morningside in the R25,000 to R35,000 per month range as well as Hyde Park and Sandhurst, generally in the R70,000-plus per month range.

While the majority of high-end leases are concluded with local tenants, she says there has been an uptick in demand from international tenants as well as from other African countries. Many are relocating to Joburg for work and mainly look at the inner Sandton suburbs.

Numerous corporate relocation agencies have also reached out to Seeff’s agents in the Sandton and Fourways areas, specifically looking for properties within security estates, in the R30,000 to R65,000 per month rental price bracket.

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Sandhurst – R195,000/month for this spectacular Sandhurst estate

PRETORIA EAST IS A HOTSPOT FOR LUXURY ESTATE RENTALS

Seeff Pretoria East rentals manager PG van der Linde  says the area is in high demand for luxury property rentals, especially in the security estates. The market is driven by demand from high-end tenants including government officials and foreign embassy staff.

Luxury homes rent for upwards of R30,000 to between R70,000 and R80,000 per month with security and lifestyle a main priority for tenants. In Woodhill Golf Estate for example, a rental of R64,000 per month was achieved.

WINELANDS PROPERTY ATTRACTING FOREIGN AND SEMIGRATION TENANTS

Aside from residential rentals, Seeff Franschhoek rental agent Moira Atkinson says there has been increased demand from foreign visitors as well as people semigrating to the Cape.

It is expected that both the Cape Peninsula as well as the surrounding coastal and winelands areas will be in high demand over the summer and holiday season. This, says Ms Atkinson, will naturally further boost the demand for rentals.

Seeff is also observing that the renewed trend of semigration to the Cape is adding further impetus to the rental market with people moving to the Winelands often looking to rent before they buy.

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Franschhoek – R65,000/month for this luxury home in the La Bella Vita Estate within the Santé Winelands Estate where you can reside among vineyards

KWAZULU NATAL NORTH COAST ATTRACTS LOCAL AND FOREIGN TENANTS

Aside from local tenants, especially from upcountry the KZN North Coast area is also popular with international tenants. Semigration is also a big driver of demand for rentals in the area.

Seeff Umhlanga  licensee Brett Botsis says the rental market continues to perform well as the area is now a hotspot for high-net-worth buyers and tenants. Rates for high-end properties range from btween R35,000 per month to as much as R60,000 in Hawaan Forest Estate and R100,000 per month for a luxury house in Umhlanga Rocks. Market stock in estates in the Zimbali – Ballito area such as Zimbali currently ranges around R45,000 to R55,000 per month.

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