Ready for your first rental?

Ready for your first rental?

Category News

The end of March will bring your third paycheck and signal the right time to move out of your parent’s house and into a place of your own. At Seeff, we know that renting a place of your own is high on your list of priorities, now that you’re a working professional. The independence and sense of achievement are highly rewarding for young people entering the rental market.

Renting is usually the only option for young professionals looking to get into the property market. Generally, job market entrants will rent for about five years or more before they start looking at purchasing their first property investment.

What to rent?

According to Natheema Tymowicz and Imtiaz Adam, Seeff Southern Suburbs rental agents, apartments are the go-to choice for new renters as they offer security, convenience and lower rental costs than houses.

New renters also often opt to live with flatmates to split the costs and reduce their overall expenditure. It is cheaper to split the rent of a two- or three-bedroom flat than to pay for a one-bedroom apartment by yourself.

How much is rent?

A recent PayProp Rental survey indicated that the national average rent in R7 308 per month. The Western Cape is the most expensive province to rent in, with an average rental of R8 777 per month, followed by Gauteng’s R7 692 a month.

In general, you should aim to spend about 30% to 40% of your salary on rent. This will ensure that you can afford it every month - any more than this and you will be at risk of falling into debt should you be unable to pay.

You also need to consider the fact that you’ll need a cash deposit of one or two months’ rent before securing a lease. So, if you find a great apartment for R7 000, you’ll need R7 000 to R14 000 in your account to give to the landlord as a security deposit.

What else do I need to know?

The decision to enter into a formal lease is not only yours to make; the landlord must also agree to the terms and conditions of the contract and must be happy to have you as a tenant. A good credit record is vital to show that you are trustworthy when it comes to making payments on time. No landlord wants a tenant that pays late, or not at all, in some cases.

The lease agreement is usually for a fixed period of time, such as 12 months. The terms and conditions will stipulate this period of time and also what penalties will need to be paid if this time period is not met for some reason (i.e. the tenant decides to move out before the lease has reached its full term). The landlord might be able to withhold your initial deposit if this happens.

When you move in, your landlord will perform a house inspection with you. This is your chance to point out all the issues or damage that you are aware of. Not only will this alert the landlord to what immediate repairs need to be done, but it will also cover your back at the end of the lease when the outgoing inspection is done; both the tenant and the landlord will know what damage was there when the tenant moved in, and what new damage has been done by the tenant.

Where to rent?

According to the rental agents, the best area to look for an apartment is somewhere close to work, nearby a good transport network. Proximity to shopping centres, doctors’ rooms and other amenities is also important if you don’t have your own transport. Young renters also tend to look for homes in areas that have a vibrant nightlife, but bear in mind that the noise near clubs at night may be an issue.

Security and parking space is also a necessity, so take these into consideration when searching for a place. Claremont, Kenilworth and Harfield Village are great locations for young renters as they have many facilities nearby. They are also among the safer suburbs in Cape Town. Plumstead, Diep River and Observatory offer slightly cheaper rent, so look at listings in these suburbs too.

The southern suburbs’ average rental prices are R7 500 to R10 000 per month for single-room apartments and between R9 000 and R20 000 for two-bedroom flats. Diep River and Plumstead are often overlooked areas where two-bedroom units go for about R7 000 to R8 500 a month.

Another popular area for young renters is the CBD. The proximity to work hubs, central transport networks and facilities such as the Cape Town Stadium, V&A Waterfront and Atlantic Seaboard make the CBD a great location for young professionals looking for the perfect balance between work and play.

According to Craig Watchurst, a Seeff City Bowl rental agent, an unfurnished one-bedroom apartment in the CBD can range from R10 000 R12 000 per month. Two-bedroom units range between R12 000 and 15 000 per month, but can go as high as R35 000 for the more luxurious penthouse apartments. Furnished apartments go for about 20% more than unfurnished units.

Sea Point is a very popular suburb too. Christine Ireland, from Seeff Atlantic Seaboard, says that one-bedroom flats range from R9 500 to R12 000 per month, and two-bedroom apartments usually range between R15 000 and R25 000 per month. The neighbouring suburbs (Green Point and Three Anchor Bay) have similar rental prices.

Further away from the city centre, Blouberg is another option for first-time renters. The suburb provides a great seaside lifestyle and pristine beaches, perfect for kite surfers, paddle boarders and adrenaline sports enthusiasts.

Clinton Martle, a Seeff licensee in Blouberg, says that rentals start at R5 500 a month for one-bedroom units and about R8 000 per month for two-bedrooms. Apartments closer to the beach are more expensive; two bedroom flats near the beach start at around R10 000 per month.

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With over half a century of expertise buying and selling properties, we understand it is more than just a transaction - this is your story - and we are honoured to write this chapter with you.

Allow us to provide you with our expert knowledge on the Tokai, Kirstenhof, Bergvliet, Meadowridge area, ensuring you have the most accurate information and support when buying or selling your property. Contact us on +27(0)21 794 5252. We are here to ensure that you prosper through property!

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Author: Seeff