HITTING A CEILING
Who is paying R170,000 a month to rent these luxury homes?
SA’s uber wealthy suburbs are testing new rental highs but an oversupply of luxury homes is starting to flood the market
It is no longer unheard of for the well-heeled to fork out R100,000/month or more to secure a trophy rental home in SA’s poshest neighbourhoods. At insurance tycoon Douw Steyn’s gated Fourways enclave Steyn City, for instance, two luxury furnished homes have fetched monthly rentals of R135,000 and R115,000. At Johannesburg’s The Houghton, a swanky sectional title development overlooking the Houghton golf course, a foreign company is paying R100,000/month to rent a four-bedroom apartment for one of its executives. Even KwaZulu Natal, which may traditionally have lagged Gauteng and the Western Cape, is testing new rental highs at sought-after gated estates such as Zimbali Coastal Resort, Mount Edgecombe, Simbithi Eco Estate and Dunkirk Estate. In the year to date, Seeff has let out three villas at Zimbali for R100,000/month, R85,000/month and R65,000/month. Similarly, an oversupply of upmarket rental stock is starting to emerge in some Cape Town areas, despite the Mother City generall...