Housing in Southern Africa September 2015

Housing

The best places to find student apartments

T he suburbs surrounding the campuses of the University of the Witwatersrand, Univer- sity of Johannesburg, Wits Technikon have been transformed into student central, with literally thousands of rooms and apartments of various sizes available to let. Many of these areas, especially Braamfontein, Doornfontein and Richmond have also really benefited from the explo- sion of demand for student accom- modation in terms of urban regen- eration and employment creation, says David Jacobs from the Rawson Property Group. “Old apartment and office build- ings have been given a new lease of life as trendy and generally well- managed student blocks complete with their own canteens, games rooms, rooftop entertainment ven- ues, gyms, study halls, laundries, shuttle services and free wi-fi. New shops, restaurants, markets and service businesses have sprung up to meet the needs of the burgeoning resident population. The streets are cleaner and better lit, there are good public transport options and areas that were once among the dingiest

in Johannesburg are now vibrant and bustling.” The City of Joburg has a new set of regulations regarding communes which it enforces quite rigorously, and there are now many more flats avail- able in these areas thanks to steady development over the past few years. In addition, the City is now propos- ing to build more accommodation specifically for students along Perth Road, which is the spine of one of its “Corridors of Freedom” and is already served by the new Rea Vaya rapid transit system as well as other public transport. And as a result, these areas are back to being family-friendly and once again enjoying high demand among academics working at UJ and Wits, as well as medical personnel working at the nearby Helen Joseph and Milpark hospitals, senior SABC and Mediapark staff, and business executives with offices close by in Richmond or Parktown.” However, most private invest- ment in student accommodation in Johannesburg is now taking place in Braamfontein and Doornfontein, where several major players such as Aengus, iThemba, Southpoint and

Respublica have proved that there are excellent returns to be made if one can acquire student apartments at the right price and ensure they are well-managed. Currently, purchase prices for studio and one bedroomapartments in Braamfontein close to Wits range from around R320 000 all the way up to about R600 000. ■