Home rentals soar in Cape Town
Rental property in Cape Town is literally flying off the shelves according to local agents working in the city. Demand is particularly robust for residential property in all areas of the city across all price ranges as people plump for the rental market over joining the property-owning sector. Areas that are proving particularly popular for the rental market include the Atlantic Seaboard, the City Bowl, South Suburbs and the South Peninsula. Supply is extremely short in some districts as demand for three and four bedroom homes hits record levels. Local agents also report a shortage of two and three bedroom apartments in City Bowl and Sea Point. Another sector with a shortfall is the student accommodation; supply is particularly tight around the University of Cape Town. A shortage of homes for rent in gated estates with tight security measure is expected to result in higher rental costs for property in Cape Town.