South Africans looking to rent a property can anticipate paying an average of R8,654 per month, based on the most recent rental property index.
The PayProp Rental Index for the first quarter of 2024 indicates that the average rent in South Africa stands at R8,654, marking a R301 increase from the same period last year.
The quarterly rental index, which tracks trends in the South African residential rental market, is compiled from transactional data collected by PayProp.
Provincial Rental Price Insights
The index also highlights the provinces with the highest and lowest rental prices.
Western Cape: The highest average rent in South Africa is in the Western Cape at R10,300, surpassing the next highest province by R1,000. Rental prices in the Western Cape increased by 4.3% year-on-year, compared to the national average of 3.8%.
North-West: At R6,301, the North-West province has the lowest average rental price. Despite this, it saw the highest rental growth in the country at 9.8%.
Eastern Cape: The average rent in the Eastern Cape is R7,021, making it the third-lowest in the country. Rental prices grew by 5.6% year-on-year, lower than the 7.3% growth seen in Q4 2023.
Free State: With an average rent of R6,927, the Free State has the second-lowest rental price. The province experienced a 9.1% year-on-year increase, the second-highest in the country.
Gauteng: Rental growth in Gauteng was 3.5% in Q1 2024, below the national average. The average rent was R8,943, potentially making it the third province to surpass an average rent of R9,000.
KwaZulu-Natal: The average rent in KwaZulu-Natal dropped slightly to R8,770, a 0.4% decrease from Q1 2023. This province has slipped from the top three most expensive rental areas.
Limpopo: Limpopo recorded a 4.8% rental growth in Q1 2024, with average rents reaching R8,027, pushing the province's average rent above R8,000 for the first time.
Mpumalanga: After a 6.1% increase in Q4 2023, Mpumalanga saw a slower rental growth of 1.2% in Q1 2024. The average rent in this province is R8,369.
Northern Cape: Rental growth in the Northern Cape slowed to 5% in Q4 2023. The average rent is now R9,274, just R26 more than the previous year. Gauteng is likely to overtake the Northern Cape if current trends persist.
Average Rental Prices by Province (Q1 2024)
Province | Average Rent (R) | Year-on-Year Growth (%) |
Western Cape | 10,300 | 4.3 |
Northern Cape | 9,274 | 5.0 |
Gauteng | 8,943 | 3.5 |
KwaZulu-Natal | 8,770 | -0.4 |
Mpumalanga | 8,369 | 1.2 |
Limpopo | 8,027 | 4.8 |
South Africa | 8,654 | 3.8 |
Eastern Cape | 7,021 | 5.6 |
Free State | 6,927 | 9.1 |
North-West | 6,301 | 9.8 |
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