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Wembley Square Rental Market

The rental market has seen a tough two years; not just in the CBD, but equally its surrounding areas. For the first time, we have apartments at Wembley Square standing empty, sometimes for months on end.

Go back three to four years and we were confidently achieving 10% increases on rentals at Wembley annually. At this time, the demand for these prestigious apartments was there and supply was scarce. In the beginning of 2017, as new buildings were being developed around us and water restrictions were starting to kick in, we saw a definite shift in the market.

Suddenly, we were experiencing far more supply than demand, resulting in many tenants:

  • Moving to newer blocks
  • Moving out of Cape Town due to the drought
  • Moving to a better value-for-money apartment (where landlords wouldn’t negotiate on increases at their current residence)

Rentals

1 bedroom apartments at Wembley are currently achieving between R10 000 – R11 000.
2 bedroom apartments are currently achieving between R16 000 – R17 500.
Ground floor loft apartments are currently achieving between R13 000 – R14 000.

Sales

There have been 12 registered sales at Wembley Square since the beginning of 2017, 4 of which were concluded in 2018 and 5 of which were sold by Faircape.

The average selling rate is R40 400 per m2.

Wembley still continues to be a popular block for investors. Should an owner want to know what they can achieve for their property, they are more than welcome to contact candicev@faircape.co.za for a free valuation.

Welcome to Faircape Sales & Leasing
As one of Cape Town’s leading residential rental agencies, Faircape Leasing will make your experience of finding a rental home or tenant as easy and straight forward as possible.
After 19 successful years in the industry, our current rental portfolio stands at over 600 properties across the vibrant mother city, all of which have access to our excellent in-house maintenance service.
more about Faircape Sales & Leasing
This impressive repertoire is supported by a sophisticated electronic property management system which supplies tenants and landlords with detailed monthly statements and real-time updates. Faircape Leasing is also linked to the Tenant Profile Network, providing efficient tenant screening services.

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