Demand for modern, new-build apartments in the Sandton CBD is soaring among a fast-growing demographic of tenants.
Thulani Benitsius, Adrienne Hersch Properties’ Sandton CBD Rentals Specialist, says he is experiencing significant demand from corporates for apartments with a diverse range of amenities.
He says another interesting trend is that a growing number of homeowners in some of Johannesburg’s most sought-after suburbs are trading in their larger homes for well-located apartments in the CBD. “A property’s amenities play a huge role in the clientele it attracts and its rent prices. A growing number of tenants are seeking apartments offering convenience and facilities suited to their lifestyle choices.”
“While a gym and a swimming poolmight have previously been considered nice extras, these amenities are increasingly becoming must-haves for discerning tenants,” he continues. Thulani says some of the most in-demand amenities include swimming pools, gyms, pet-friendly facilities, fibre internet, 24-hour security and secure parking.
A studio apartment can rent for between R7 500 and R15 000 depending on location, finishes and amenities. Rentals for a one-bedroom unit ranges from R7000 to R25 000, while a two-bedroom apartment can lease for between R10 000 to R35 000. Tenants can expect to pay anywhere from R12 000 to R45 000 for a three-bedroom apartment. Rental on penthouses in the area range from R30 000 to R80 000.
Thulani says demand is highest for top and ground floor units. “Views are a strong selling point. Many of these top floor units offer sweeping views of the Sandton skyline. Ground floor units are in high demand among professionals wanting their own private oasis in the heart of the city as well as among families with small children and pets.”
According to an April 2018 report by the South African Property Owners Association Office, Sandton accounts for the bulk of national commercial development constituting 26.3% of office development. Thulani says with the high concentration of development in the Sandton CBD and the recent opening of the Discovery, Sasol and Old Mutual headquarters, he anticipates rental demand in the area, specifically among corporates, to only climb over the next 12 months to keep up with the influx of professionals to the area.