Multigeneration living & short-term rental income drive property trends
Category Property News
Two property trends in South Africa are shaping buying behaviour. Properties and houses that lend themselves to multigenerational living and short-term rentals are increasingly in demand.
This is according to Alexa Horne, MD of DG Properties who says that her sales teams are seeing rising interest in versatile and adaptable homes with spaces that can be converted into separate flatlets or self-contained rooms.
"This can take the form of a garage, loft, spare room, pool house, garden shed, etc. that can be turned into a self-contained dwelling. Homes that lend themselves to this trend feature flexible layouts and amenities - whether it is a potential separate living space, additional bathrooms, or separate entrances to provide privacy."
"There is also increasing demand for houses that are set on larger pieces of land which offer space for home extensions, or the development of separate dwellings on the same property - such as a garden cottage."
Multigenerational living
"Many South African families from all cultures are embracing multigenerational living, where either elderly parents are moving in with their adult children, or adult children are moving into their parents' homes," says Horne. "This can also apply to extended family such as aunts and uncles, cousins etc. The reasons for this are varied. For many, it is economic factors and the rising cost of owning and maintaining a home. By sharing living expenses and pooling resources, multiple generations can afford to make ends meet."
"Another big reason is that intergenerational living allows ageing parents or grandparents to receive companionship, support and care as they age. Likewise, older family members that are still able, can take pressure off the younger working generation by helping with childcare needs, home maintenance, groceries etc. And some families may choose to live together to maintain close ties, provide mutual support, and foster strong family bonds."
"Overall, multigenerational living offers a range of benefits that contribute to the well-being, stability, and happiness of all family members involved and DG Properties believe that as life expectancy continues to grow, intergenerational living is likely to continue to gain popularity as a viable housing option for many families," says Horne
Short-term rentals
More and more people are converting parts of their homes into short-term rental spaces that are let out via platforms such as Airbnb and Booking.com etc.
"The reason for this is predominantly a financial one as South Africans seek out ways to make extra income. Renting out a spare room or separate flatlet on your property can provide a steady stream of revenue, which can be particularly appealing in areas with high demand from tourists - as Cape Town is!"
"Renting out unutilised space as a short-term rental is usually more lucrative than traditional long-term rentals - especially in popular tourist destinations or during peak seasons - and provides flexibility as the homeowner can choose when to make their space available for guests, as opposed to having a long-term tenant there all the time," advises Horne, who adds that overall, the combination of financial incentives, flexibility, and the opportunity for personal interaction and cultural exchange makes Airbnb hosting an attractive option for many homeowners.
"For these dominant reasons, the demand for homes that lend themselves to adaptable living has been growing and as these trends continue, it's likely that developers and homeowners will increasingly prioritise properties that meet the diverse needs of modern households."
For those looking for a home to accommodate extended family or one that offers a potential short-term rental income, Horne provides some examples of properties currently on the market in Cape Town that offer flexible and adaptable living:
"In Wynberg Upper in the historic Chelsea Village is a gorgeous 2 bedroom Victorian home full of original period features for sale for R4,95 million. Benhill Lodge - with its eye-catching pink exterior and delightful "filigree stoep" - boasts an expansive outbuilding with existing plumbing that can easily be converted into a flatlet with a separate entrance."
"In the popular suburb of Rosebank is a double-storey 6-bedroom home on the market for R8,5 million that features a spacious double garage which leads directly into the house - perfect to renovate into a private flatlet," says Horne. "The erf is large at 1,311 square metres so there is also plenty of scope to build a separate flatlet or cottage on the property, and the garden is beautifully landscaped with big trees to provide privacy between the dwellings."
"The main house has four generous reception rooms and there are three bedrooms downstairs, and three upstairs, so the main home could also potentially be split into two separate living spaces."
"In Milner Road in a prestigious area in Rondebosch is a 4-bedroom home for R8,2 million that features an existing flatlet with a separate entrance. The home also includes staff accommodation. In addition to this, there is an extra-large double garage, which lends itself to being converted into another flatlet - plenty of space for multiple Airbnb rentals or extended family."
"A charming three-bedroom home in Fresnaye with views of Lions Head, on the market for R7,85 million, offers a separate pool room with a bathroom that would make a perfect, easy-to-convert flatlet with its own access to a magical garden area. This property also features a tandem garage with a loft space above it that could potentially be converted into additional accommodation."
"Also in Fresnaye, is a gorgeous Georgian 3-bedroom home in a private and secure road that is within walking distance to the shops, schools and shuls. This stylish home, on the market for R11,995,000, features a separate store room and garage which are perfect to convert into a self-contained flatlet, and three off-street parking spaces means there is space for multiple vehicles.
"With a higher price tag is a 4-bedroom home in Bantry Bay on the Atlantic Seaboard for R35 million. This spectacular family home with every luxurious feature you could want, is set on 1205 square metres of ground with uninterrupted sea views. In addition to the immaculate main house - - which features a guest suite/studio, this property boasts two separate apartments - one with one bedroom, and the other with two. There is also staff accommodation on the property and three garages, which if needed, could be converted into additional accommodation - making this an expansive home for multigenerational living or as an income-producing opportunity.
For more information on any of these properties visit www.dogongroup.com or contact DG Properties on 021 433 2580.
Author: DG Properties
