As urban land becomes more scarce apartment living may prove to be the only way people can benefit from living in, or near to, city centres. This is, generally, not a lifestyle that is historically associated with South Africans, who have tended to favour free-standing homes for their privacy, gardens, braai areas, and off-road parking.
Today there is a stronger swing towards estate or gated communities, where residents can still have all their requirements met, including a focus on security, and the options are vast enough to cater for all budgets. Yet with population growth and urbanisation, there remains a need to provide housing to those who are either strapped financially or want to be able to live in popular areas with like-minded communities.
This is where apartment living becomes a smart choice, and an added benefit is that it caters for all stages of life, as pointed out by Jacqui Savage, National Rentals Manager for the Rawson Property Group. “Single professionals, young couples, and overseas investors tend to be more inclined to purchase apartments or rent them,” she says, with the highest demand for rental apartments in Cape Town’s CBD and Gauteng. “The lock-up-and-go lifestyle and added security measures are a major pullcard of apartment living but there is also a the flip side: “Apartment blocks are governed by a body corporate, which usually enforces strict rules to protect and manage the property. For example, certain uses of common areas may be prohibited—such as braais on the premises, due to fire safety regulations—and apartments generally offer smaller living spaces. There may also be restrictions on parking, with only a limited number of visitor bays available. Any violations of the rules could result in fines.”
This should not discourage potential apartment purchasers or renters, however, because in the same way that the body corporate rules aim to keep residents aligned, it also has a massive role to play in keeping residents happy and free of some of the financial burdens that come from owning a free-standing house.
“Apartment living offers a lower level of property maintenance,” explains Savage. “Maintenance is undertaken by the body corporate for the exterior of the apartment block, including gardens which are common use areas. This means an owner can realise savings, including those related to security, which is a great bonus.”
There are many benefits from apartment living:
Affordability: Apartments are typically sold for lower prices than houses, so they are a great option for those with a small budget or wanting to enter the property market for the first time.
Maintenance: As already mentioned, external and common use areas are usually taken care of through the payment of levies to a body corporate. Shared among all residents, these levies are a fraction of the spending one would normally make on a house and its land.
Location: Apartments are usually in popular urban areas, close to workplaces, public transport and transport routes, schools, medical facilities, and sport and social amenities.
Community: Living in close proximity to neighbours means you may develop a strong sense of community and support. You might even find yourself making lifelong friendships.
Security: Many apartment blocks come with security features such as cameras, intercoms, and/or a front door concierge service.
Cosiness: Apartments allow you to reduce clutter and live a more minimalist lifestyle.
Flexibility: Renters may be able to negotiate short lease terms, and owners aren’t tied to their home commitments, which are fewer than with a large property.
Environmental: You will produce a smaller carbon footprint because of the higher density and shared resources.
Amenities: Many apartment blocks offer swimming pools, gyms, office spaces, etc., and some even have padel or tennis courts.
Utility bills: Lower utility costs come from living in a smaller space than a house.
Lock-up-and-go: Apartments are easy to secure, maintain, and to lock-up, which is ideal for those who travel frequently or have busy schedules.
Age-friendly: As a first-time home, apartments are ideal, yet they also work well for those who are downsizing or retired, and for the elderly.
Note to landlords:
Apartments are great for property investors, who want to earn a passive income. Savage provides tips for landlords renting out an apartment. “The landlord needs to verify if the tenant is able to afford the monthly rental, so it is absolutely essential to request proof of income from potential renters, as well as bank statements, and do a credit check. Rental references also need to be requested to help assess the history of the tenant’s rental past, such as timely rental payments and their care of previously rented properties.
“At Rawson, we recommend that landlords make use of a professional rental property practitioner to place a good tenant. Rental estate agents may also have a list of vetted and qualified tenants waiting to be placed, which will ease the burden of finding a tenant.”
Note to renters:
For renters of apartments, the same process is followed as with any rental property, although in some cases application fees apply. Savage explains that this fee covers the vetting costs of a tenant. “When renting in an apartment block, the tenant would do well to consider the following,..” says Savage.
"Obtain a list of the body corporate rules: It is imperative that tenants familiarise themselves with the rules (parking, noise levels, common area usage) and adhere to them so that the renter or the landlord do not incur a fine.
Safety features & biometric access: Advanced security access may require the renter’s fingerprints recorded, or face scanned. This should be discussed with the landlord, who will advise on making an appointment with the security team when the tenant moves in. The capturing of biometrics enables tenants to move in and out of the building.
Restrictions: Most apartments have strict rules regarding the number of people who are allowed to stay in an apartment. Only the people listed on the application documents as occupants may reside in the property. Should any other people live in the rental property without prior consent from the rental agent or the landlord will be considered illegal occupants. This will be in breach of the lease agreement.”
