Cape Town - The coal mining town of Lephalale, previously known as Ellisras, in Limpopo, has once again been named as South Africa's most expensive town for property rentals.
According to findings released by PayProp, the average amount of rent paid for property in this town in the last quarter of 2014 was R23 327, a relatively small increase from the third quarter's average rent amount of R19 986.
The second most expensive town to rent in South Africa is Bryanston in Johannesburg, where renters pay an average of R22 450 per month.
Cape Town's Sea Point (pictured below) is third most expensive with an average of R20 381 rent per month, while Musina, in the northernmost part of SA's Limpopo province, is fourth most expensive with an average of R17 634 per month.
The high amounts of rent in the Limpopo province, and especially Lephalale, is owed to the town being such a big mining capital in South Africa.
Netwerk24 reports, however, that the province has seen a decline in rental property contract renewals due to instability within the mining sector.
The province has reportedly seen a decline from 9.9% to 1.6% in rent increases in the first term of 2015.
On the contrary, however, the Northern Cape has seen a good increase in rental increases due to many investors here seeing an opportunity to buy property with the intention of renting it out to people involved in prospective mining activities within this province.
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