“The State of Cape Town’s Rental Market”: Woman Shows R7.5k per Month Shack

• A young woman named Nabeelah shared the price of a two-bedroom shack she saw on Facebook's Marketplace
• She told people on TikTok that interested parties would pay R7 500 per month to live in the corrugated iron structure
• Several social media users headed to the post's comment section with confusion about what the landlords were charging for rent

These days, many people in the Mother City struggle to find a home that fits their budget as property prices continue to climb. A local woman shared this experience when she saw the cost of a shack in the area.

Cape Town shack shock

A young woman named Nabeelah took to her TikTok account to share what she had found while looking at properties on Facebook's Marketplace, a section of the social media platform allowing app users to buy, sell, or exchange goods and services.

While showing the two-bedroom L-shaped shack she spotted last year February on her screen, Nabeelah asked app users to guess the rental price before she revealed it.

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After stating it was R7 500 a month without providing the location, she commented:

"I wish this was a joke. It's not a joke. This is the state of Cape Town's rental market."

Watch the TikTok video below:

Shack's rent shocks Mzansi

After watching the video, many social media users gathered in the comment section to express their thoughts about what they had seen on their For You Pages regarding the price of the Cape Town shack. Many felt the same as the young woman in the clip.

Have a look at some comments below:

@usenathi_sizani said with sadness:

"Cape Town real estate is truly a crisis."

@arnaud_elvandre noted in the comments:

"The landlord better buy me groceries and make sure I have new clothes every month for that price."

@crusty_dino6 shared with a laugh:

"Some people actually pay for it. My cousin sold his old shack for R10 000."

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@21savage2121214l revealed their thoughts to the online community:

"And then you probably have to pay a double deposit."

An upset @ingaenzokuhle stated their opinion in the comment section:

"It's extortion that is not normal. I don't know why we are okay with this as South Africans are being driven out of Cape Town so foreigners can enjoy it! It's so sad."

@adamaster_g had a different way of thinking and wrote the following:

"There is nothing wrong with R7 500 per month for a neat two-bedroom place. Have you seen the cost of groceries, cars, and other items? Rent is relative to the cost of everything else. Think about it."

High demand driving Cape Town rental costs

Property Review states that the rental property demand in Cape Town peaks especially in the summer months for several reasons. The warm weather attracts both local and international tourists, driving up the need for temporary accommodation.

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Also, many people relocate for work or educational opportunities at the start of the new year. This surge in demand, coupled with the limited availability of properties, leads to higher rental prices. Many property owners also increase their rates during this period to capitalise on the influx of potential tenants.

Cape Town rental market sees rapid growth

Cape Town’s rental market has experienced substantial growth. The city’s central areas remain expensive, with one-bedroom apartments now costing between R 10,000 and R 15,000 per month. Suburban rentals range from R 7,000 to R 12,000.

In the last decade, rental prices in the Western Cape increased by 68.5% from Q4 2014 to Q4 2024. In prime areas, property values have appreciated at a rate of 5% to 7% annually, making real estate a lucrative investment. Current rental yields range from 4% to 6% in high-demand locations and up to 10% in emerging neighbourhoods.

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4 Other stories about Cape Town properties

• In another article, Briefly News reported about a young woman who served "student life goals" by showcasing her lavish res with modern amenities.
• A man from the United States angered locals when he called a R55 million mansion cheap. The property was larger than the size of a basketball court.
• A South African man was shocked to see a tiny apartment costing R3.1 million. Some were in disbelief, while others felt the price was good and was something for people to get used to.
• A young man from America splurged nearly R2.3 million to rent Cape Town's prestigious Iron Man Villa for a week, showcasing the luxury and exclusivity of the property.

Hilary Sekgota, human interest head of desk at Briefly News, contributed to this article.

Source: Briefly News