R12K monthly: Joburg vs. other cities
The recent rate hikes from the South African Reserve Bank (SARB) have made buying a house more expensive, prompting more people to consider renting. Rode’s Q1 2023 report shows that apartment vacancy rates remain at 6.8%, similar to Q4 2022, and an improvement from the 8.3% average of 2022 as reported by Business Tech.
However, rates are still slightly higher than pre-pandemic levels, with the Western Cape having the lowest flat vacancy rate at 2%, well below the national average.
Gauteng and KwaZulu-Natal experienced higher vacancy rates, with Gauteng at 10.1% and KwaZulu-Natal at 14%.
Despite this, house prices and rentals are still declining in real terms in most parts of the country.
BusinessTech analyzed what R12,000 can get you in upmarket Cape Town and Johannesburg units.
Photo by Expect Best