The rent prices in real estate in Grahamstown, in the Eastern Cape region have fallen considerably in the last couple of months. There has been a strong fall in the rent prices in this city.
The price per m² in Grahamstown has had a strong fall during the last 6 months. In October, the average price per m² was R 132,07. In November this price barely changed remaining at R 128,83 per m². The price for the following two months in (December, January) fell 88 % with regard to the previous two months. The price per m² has had a considerable fall of 65 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per m² of R 122,93 to R 79,71 during February, and March.
When referring to the price in Grahamstown (cities & towns), this has fallen in the last 6 months. The rent price in October is R 6 160, rising in November till R 6 488. During the following two months (December, January) the price has had an average rise from R 6 324 to R 6 858,5. During the last two months the average price has fallen greatly compared to the previous four going from R 6 591,25 to R 3 002,5, which means a 46 % fall.
The graph displaying the average rent price for bedrooms illustrates that those properties with 1 bedroom are the most affordable ones. At a price of R 3 038 they are 2 % more affordable than the average price for Grahamstown . The properties with the highest average price have 3 bedrooms, Their price is 279 % more expensive than the average. After that we have properties with 4 bedrooms priced at R 10 239.
With regard to the average price per m², those properties with 4 bedrooms are the most affordable ones at a cost of R 56 / m², with an average R 68,85 / m² price in Grahamstown. The properties with the most expensive average prices have 3 bedrooms. They are 159 % more expensive than the average followed by properties with 2 bedrooms with a price at R 107 / m².
The graph displaying the average rent prices displays the property type "Townhouse" as the most expensive one. At an cost of R 3 038 it is 65 % more expensive than the average price in Grahamstown. "Apartment" is seen as the second most expensive property type. The most expensive property type is "House" followed by "Flat". At a price of R 7 096 it is 255 % more expensive than the average price.
According to the average cost per m², the most affordable property is "Commercial Property" at an average price of R 41 / m² followed by "Townhouse" priced at R 44 / m². "Apartment" is the most expensive type of property with a R 135 / m² value followed by "House" with an average price of R 108 / m².