Sky-high cost of renting

A SINGLE person spends 26% of their salary on rent in Richards Bay, making it one of the most expensive areas for renters in the province.

This is according to a recent survey by job listings website, Adzuna which looked into the average salary received in Richards Bay and cost of renting.

‘The average salary in the Richards Bay area is currently at R262 631 per year. This comes down to a monthly average of R21 885.

‘We believe that in Richards Bay, there are many engineering and construction type roles available that perhaps increase the salary average,’ said Adzuna company manager, Jesse Green.

The company said in compiling the survey, it used the PayProp 2018/2019 market report with the online job listing data that details the salaries offered for jobs across all nine provinces.

The survey conducted at the beginning of May found that people in Durban and Pietermaritzburg only paid 20% of their salaries on rent.

‘Most coastal cities are much more expensive to rent in based on the salaries earned.

‘Salaries along the coast are often much lower than those offered inland and the price of coastal accommodation is much higher than it is inland,’ Green said.

Local rentals

SEEFF Richards Bay’s Elaine Chetty said however, that the rental market in Richards Bay remains buoyant.

‘Richards Bay has always been a sought-after rental market because of the large number of industries that are present in and around this town.

‘Although the rental market in this area has retained considerable strength, one of the main reasons for the area’s continued resilience is that landlords have been more open to negotiation which has resulted in stable rental prices.

‘There is a continuous influx of people coming into the area owing to better work opportunities.

‘These people choose to rent a property before considering a more long-term decision such as purchasing a property,’ Chetty said.

She said rentals in the area vary from R4 500 to R40 000 per month, depending on the tenants’ needs.

‘A flatlet away from the Central Business District will attract a rental of R4 500 a month and two-to-three bedroom sectional title units fetch monthly rentals of R6 000 to R10 000.

‘A two- to three-bedroom freestanding property will fetch R7 000 – R12 000 a month, depending on location and property offerings,’ she said.

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