The rent prices in real estate in Port Elizabeth, in the Eastern Cape region have risen considerably in the last couple of months. There has been a strong rise in the rent prices this city.
The price per m² in Port Elizabeth has risen strongly during the last 6 months. In September, the average price per m² was R 65,18. In the following month the price per m² rose to R 73,35. The price for the following two months in (November, December) had a considerable rise of 137 %. The price per m² has had a considerable rise of 153 % 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 82,19 to R 125,94 during January, and February.
When referring to the price in Port Elizabeth (cities & towns), there have hardly been any changes in the last 6 months. The average price for September is R 15 814. During October the price had a considerable fall till R 13 216. In the following two months the average price has hardly changed with regard to the previous two months from R 14 515 to R 14 781,5. Based on an analysis of the first four prices and the last two months the average price has had a strong increase of 116 % during the last two months.
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 17 276 they are 67 % more affordable than the average price for Port Elizabeth . The properties with the highest average price have 4 bedrooms, Their price is 17 % more expensive than the average. After that we have properties with 3 bedrooms priced at R 13 508.
With regard to the average price per m², those properties with 3 bedrooms are the most affordable ones at a cost of R 68 / m², with an average R 128,43 / m² price in Port Elizabeth. The properties with the most affordable average prices have 2 bedrooms. They are 20 % more affordable than the average followed by properties with 1 bedroom with a price at R 89 / m².
The graph displaying the average rent prices displays the property type "Flat" as the most affordable one. At an cost of R 17 276 it is 67 % more affordable than the average price in Port Elizabeth. "Apartment" is seen as the second most affordable property type. The most expensive property type is "House" followed by "Office". At a price of R 14 622 it is 55 % more expensive than the average price.
According to the average cost per m², the most affordable property is "Flat" at an average price of R 29 / m² followed by "House" priced at R 50 / m². "Apartment" is the most affordable type of property with a R 103 / m² value followed by "Townhouse" with an average price of R 79 / m².