The average rent for property in South Africa has officially surpassed R9,000 for the first time, reaching R9,051 in the fourth quarter of 2024.
For the first time, South Africa 's average rent has exceeded R9,000, reaching R9,051 in Q4 2024, signalling a significant shift in the rental market.This is the first time that average price of rent in the country was over R9,000. Year-on-year, rental growth increased by 5.2% for Q4.The report showed rental growth recovery, signalling confidence in the SA rental market.
The report said:"Landlords and agents had been holding off on large rental increases in the wake of the pandemic, prioritising reliable payments instead. But with tenant demand high and the economy recovering, the industry is well set for real-terms growth."For a third quarter in a row, all provinces recorded positive rental growth with one teetering on the edge and the postive streak breaking by next quarter.
Rental prices in provinces such as the Western Cape and Limpopo have been significantly impacted by local supply and demand. Other factors that can affect the price of rent include: new building projects starting or workplaces opening or closing. Looking at the data, there are three top three provinces with the highest average rent including: the Western Cape, Northern Cape and Gauteng.is broadly the same as it was a year ago.
Younger people tend to live with their parents while older people tend to leave the rental sector as soon as theyIn Q4 2024, 6.8% of the tenants were over the age of 60, a hike from the 5.8% two years earlier. The youngest age group account for 20.8% of tenants, down from 21.6%. The 20 to 29 age bracket tend to spend more on rent proportionally in comparison to any other age group at 32.3% of their income.
Time Property South Africa Payprop Rental Index Western Cape Limpopo Provinceaverage Gen-Z Northern Cape Gauteng Kwa-Zulu Natal Free State North West Mpumalanga Eastern Cape Rental
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