We've mentioned before how certain new developments in Cape Town have not sold out and this has led to the developer having to rent out those unsold apartments, which is not the optimal outcome for them. Well it seems to be happening again at our old friend The Rockwell. If you look at their available properties page you'll count 26 unsold apartments (out of a total of 150, a 17% vacancy).And by some coincidence there are the same number of apartments to rent:
I have approx 25 apartments to rent in the The ROCKWELL
I represent the developer and our rental price are market related, and ready to be occupied.
If I was a buy-to-let investor at The Rockwell I would be extremely nervous. Competing with the developer for tenants when they have much more space to reduce asking rentals if required is not going to be pretty.
7 comments:
I went to see the Rockwell to rent a penthouse or flat.
i was not impressed by the finishes The foyer is very nice but the rest are just plain boxes. Nothing special. i thought the rental asked was much to high for what it was and the rental agent alexia is the least friendly person i have ever met. You do not see her smile very often when she shows you around and it seems such a struggle for her to do her job.
The landlords are too greedy and until they bring down their prices, not only they wont be able to let their properties but they wont be able to sell them either
To 1st anonymous: Did you offer a lower rent you were willing to pay and if so were they willing to negotiate or were they not interested?
I don't really understand these comments. I own an appartement in the Rockwell (I am an international investor)and the finishes are just great. The developper also found me a tenant who is already in the appartement. The tenant pays 6500 Rand for a one bedroom unit. So for me no problem to compete against the developper.
We offer to pay a lower rent but it was refused.
Now 6 weeks later they had to lower their asking prices as they have difficulty to find tenants.
We also found out anyway that those flats were not well built, you can see marks on the walls in the lounge, corners are not stright, some lampshades outside the apartments were already broken. So this is not very good. A friend of ours who is a developer himself and saw those apartments, was not impressed at all so after all we were lucky not to rent one of them. We have now found a beautiful 4 bedroom house in HoutBay for the same rent we wanted to pay,the house is magnificent.
see www.rentproperty.co.za for what is going on in the rentalmarket
as a Rockwell landlord i feel the appartments are excellent and the block is well managed. It is a good location at a fraction of the price of an appartment in the Waterfront. It must have good investment potential.
Post a Comment