There is a severe shortage of rental stock for local residents in Cape Towns inner city, and what is available is priced beyond the reach of the majority of Capetonians. With a median household income of just over R14,000 a month, according to Stats SA, buying an apartment is also not an option.
The cheapest apartment in the new Harbour Arch development , for instance, is R1.7-million for 35m, requiring a monthly income of about R50,000 to obtain a bond.