Northern Cape threatens to take over as most expensive residential rental market

The latest price jolt makes the Northern Cape the fastest-growing province in terms of rental prices, according to PayProp. Moneyweb Property

The Northern Cape is giving the Western Cape a run for its money as the most expensive South African province to live in, with residential rental prices registering a steady increase for the fourth consecutive quarter. According to a Rental Index released by property management platform PayProp earlier this week, residential rental prices in the province – which borders Namibia and Botswana – rose by 10.2% in the first quarter of 2023 to an average of R9 248 per month.

Average monthly rent and y/y rental growth, Q1 2023 Source: PayProp Rental Index Report Affordability aspect PayProp’s figures paint a rather different consumer-pressure picture for the rental segment than many other sectors of the economy, with those who rent remaining diligent about their payments despite battling a suffocating rising cost of living. According to the data, the proportion of tenants in arrears has barely moved, coming in at 18.3% in Q1 2023, from 18.1% in Q4 2022.

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