The average rent price in the North West region has had a strong fall in recent months. There has been a strong fall in the rent prices in this region.
The price per m² in North West has fallen considerably in the last 6 months. During November, the average price per m² was R 89,8. The following month (December) the price had a considerable fall reaching R 74,86 per m². The following two months (January, February) went through a fall of 88 % in the rent price per m² with regard to the previous two. In the last two months, the price per m² has had a significant fall of 84 %. This has been obtained by comparing the price of R 77,54 for the first four months of the sample with regard to the previous 4 months and the price of R 65,14 per m² for the last two months (March, April).
When referring to the price in North West(region), this has risen considerably in the last 6 months. In the first month sample for November the average price is R 10 826. During December it went through a strong rise reaching R 13 823 The price in the following months (January, February) had a strong rise of 123 % going from R 12 324,5 to R 15 154,5. During the last two months the average price has not gone through any changes and has gone from R 13 739,5 to R 13 650,5 during March and April.
The graph displaying the the average rent price per number of bedrooms shows that those with 1 bedroom are the most affordable ones. They are 59 % cheaper than the average price in North West followed by those with 2 with an average price of R 6 754. The most expensive properties have 4 bedrooms. They are 77 % more expensive than the average followed by those properties with 3 bedrooms priced at R 14 820.
Based on the average price per m² those properties with 4 bedrooms are the most affordable ones with a price of R 43,67 / m² being R 61,49 / m² the average for North West. The properties with the highest average price are those with 2 bedrooms. These are 47 % more expensive than the average followed by those with 1 bedroom with a price of R 80,64 / m².
The graph displaying the average rent price according to the property type shows "Land" as the most affordable one. With an average cost of R 13 817 it is 58 % cheaper than the average in North West. This is followed by "Farm" with a cost of R 11 288. The most expensive property type is "Commercial" and is 2122 % more costly than the average, followed by "House" with a cost of R 19 105.
Based upon the average cost per m² the most affordable property type is "House with a an average price of R 48,84 / m², followed by "Townhouse" with a price of R 51,42 / m². "Land" with an average price of R 4 285 / m² is the most expensive type of property followed by "Commercial" at a price of R 3 349 / m².