The rent prices in real estate in Pennington, in the Kwazulu-natal 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 Pennington has had a strong fall during the last 6 months. In October, the average price per m² was R 58. In the following month the price per m² fell considerably to R 47,14. The price for the following two months in (December, January) had a considerable fall of 84 with regard to the previous two months. The price per m² has risen 108 % 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 48,43 to R 52,39 during February, and March.
When referring to the price in Pennington (cities & towns), this has risen considerably in the last 6 months. The average price during our first sample month during October, is R 10 306. During November the price went through a considerable rise reaching R 16 642. During the following two months (December, January) the average price had a considerable rise of 170 % with regard to the previous two months. During the last two months the average price has fallen greatly compared to the previous four going from R 18 222 to R 12 585, which means a 69 % fall.
The graph displaying the average rent price for bedrooms illustrates that those properties with 2 bedrooms are the most affordable ones. At a price of R 10 713 they are 20 % more affordable than the average price for Pennington . The properties with the lowest average price have 1 bedroom, Their price is 13 % more affordable than the average. After that we have properties with 2 bedrooms priced at R 8 619.
With regard to the average price per m², those properties with 2 bedrooms are the most affordable ones at a cost of R 57 / m², with an average R 59,81 / m² price in Pennington. The properties with the most expensive average prices have 1 bedroom. They are 15491 % more expensive than the average followed by properties with 2 bedrooms with a price at R 57 / m².
The graph displaying the average rent prices displays the property type "Flat" as the most affordable one. At an cost of R 10 713 it is 79 % more affordable than the average price in Pennington. "Land" is seen as the second most affordable property type. The most affordable property is "Apartment" followed by "House". At a price of R 8 619 it is 7 % more affordable than the average price.
According to the average cost per m², the most affordable property is "Townhouse" at an average price of R 51 / m² followed by "Apartment" priced at R 54 / m². "Flat" is the most expensive type of property with a R 2 282 / m² value followed by "Land" with an average price of R 1 234 / m².