The rent prices in real estate in Richards Bay, in the Kwazulu-natal region have slightly fallen in the last couple of months. There has been a fall in the rent prices in this city.
The price per m² in Richards Bay has fallen during the last 6 months. In October, the average price per m² was R 74,75. In November this price barely changed remaining at R 73,62 per m². The price for the following two months in (December, January) fell 87 % with regard to the previous two months. The price per m² has fallen 90 % 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 69,31 to R 62,09 during February, and March.
When referring to the price in Richards Bay (cities & towns), this has fallen in the last 6 months. In our first sample month during October, the average price is R 15 570. In November This price remains at R 15 217. During the following two months (December, January) the average price fell 90 % with regard to the previous two months. During the last two months, the average price has barely gone through any changes with regard to the previous average values going from an average value of R 14 610 and R 14 206 between February and March.
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 14 010 they are 37 % more affordable than the average price for Richards Bay . The properties with the highest average price have 4 bedrooms, Their price is 42 % more expensive than the average. After that we have properties with 3 bedrooms priced at R 13 243.
With regard to the average price per m², those properties with 1 bedroom are the most affordable ones at a cost of R 4,66 / m², with an average R 58,91 / m² price in Richards Bay. The properties with the most expensive average prices have 2 bedrooms. They are 24 % more expensive than the average followed by properties with 3 bedrooms with a price at R 34,2 / m².
The graph displaying the average rent prices displays the property type "Office" as the most affordable one. At an cost of R 14 010 it is 45 % more affordable than the average price in Richards Bay. "Townhouse" is seen as the second most affordable property type. The most expensive property type is "Commercial" followed by "House". At a price of R 16 463 it is 43 % more expensive than the average price.
According to the average cost per m², the most affordable property is "House" at an average price of R 47,07 / m² followed by "Apartment" priced at R 55,27 / m². "Flat" is the most expensive type of property with a R 135,61 / m² value followed by "Office" with an average price of R 104,7 / m².