The Sandton CBD has been dubbed the “financial capital of Africa” and there is accordingly huge demand for apartments and houses to let in the surrounding suburbs.
Formerly a semi-rural “mink and manure” belt on the northern outskirts of Johannesburg, Sandton became a separate municipality in the late 1960s, and its character was forever changed a few years later by the construction of the Sandton City shopping mall and office tower, which had been conceived as the start of the new town’s city centre.
This development was an almost instant success and shortly afterwards, Sandton’s first apartment and townhouse complexes began to appear to meet demand from a new generation of residents. Rental homes in these older complexes are currently very sought-after because of their proximity to the CBD and relative affordability.
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- R17,000 per month
- TUSCANY GROVE 12
- R20,000 per month
- UMTHUNZI GARDENS 46
- R12,000 per month
- CEDAR ACRES ESTATE 130
- R10,500 per month
- LOWNDSGATE 1
- R10,500 per month
- ILLOVO MANSIONS 12
- R9,900 per month
- EDEN SANDTON 42
- R14,900 per month
- SANDOWN PALMS 22
- R7,300 per month
- ILLOVO MEWS 122
- R6,500 per month
- ILLOVO MEWS 108
Today the CBD – which incorporates parts of Sandhurst, Sandown and Wierda Valley – is home to scores of leading local and international companies as well as the Johannesburg Stock Exchange, and the original tower block is surrounded by dozens of other high-rise buildings, each one more architecturally striking than the next. Most of these are corporate headquarters, but there are also several luxury hotels and new apartment blocks – which offer some of the most expensive property to let in the country.
There are, however, thousands of other apartments, townhouses and houses to let in the surrounding suburbs, and there is unstinting demand for these among the hundreds of thousands of employees and executives working in the CBD – not least because its explosive and ongoing growth has led to an infrastructure backlog and serious traffic congestion that makes commuting by road difficult and time-consuming.
Indeed, proximity to the CBD and/ or accessibility via public transport such as the Gautrain or metro and Gautrain buses has a major influence on the desirability of these units – and the monthly rentals they will fetch. Depending on the age and family circumstances of tenants, certain areas are also more attractive that others due to the presence of highly-rated schools, for example, or convenient shops and entertainment venues.
The Sandton suburbs closest to the CBD include Hyde Park and Sandhurst, which are Johannesburg’s highest-priced residential areas, as well as Atholl, Inanda, Parkmore, Strathavon and smaller enclaves like Chislehurston and Benmore Gardens.
Monthly rentals for apartments to let in these areas start at around R6000 a month for studio units, and about R7000 a month for one-bedroom units. Two-bedroom apartments and townhouses are available at rentals from R8500 a month, and three-bedroom townhouses and clusters at rentals from R10 000 a month. Luxury three-bedroom apartments to let in a new Hyde Park complex are currently priced at around R20 000 a month.
In recent years there have also been many new developments of apartments to let in Bryanston and Rivonia, which are further from the CBD but considerably more affordable and well-supplied with schools, shops and other amenities, as are Woodmead, Wendywood and Gallo Manor.
Rentals in these areas start at around R5000 a month for studios and range from R6000 to about R8500 a month for one-bedroom apartments. Two-bedroom units rent for upwards of R7500 while three-bedroom apartments and townhouses start at around R8500. Monthly rentals for three-bedroom, two-bathroom freehold homes with gardens start at R14 000 a month.