Private owners are renting out Cape Town parking bays for up to R1,500 a month – this is how much parking is worth in Woodstock, Bantry Bay, and Sea Point
- Data from a website that allows private owners to rent out parking bays in Cape Town shows parking in the CBD comes in at between R800 to R1,500 per month.
- The most expensive private bay listed for rent in Cape Town is in Green Market Square, where a tandem space can cost you up to R2,300 per month.
- Parking in Woodstock goes for around R900, whereas if you rent in Sea Point you can pay around R500. Or you can fork out R1,048 a month to park at the President Hotel in Bantry Bay.
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Capetonians are willing to pay up to R1,500 to park in the central business district for a month, data from a website that specialises in parking bay rental show.
But the rates for parking vary greatly across the broader city, with a bay in Green Market Square going for more than four times what you'll pay in Sea Point.
With a bit of luck, though, you can nab a CBD parking bay for R800 a month peer-to-peer parking rental website Rent My Bay's numbers show – a huge saving over paying on a day-to-day basis for street parking managed by the city municipality.
Rent My Bay was launched in March, after Craig Murray spotted an opportunity from his 13th floor apartment in the CBD, with its notorious parking problems, in 2017.
“I noticed how the parking was being severely under-utilised with bays that stood empty either during office hours or overnight,” said Murray. "Many people live in the city centre but leave during office hours to work, leaving their parking space empty during peak periods."
The website caters for both individuals and businesses and users can rent out spaces for years, months (currently the most common), weeks or days – depending on what they want.
See also: Seven parking bays sold instantly for R570,000 each in Cape Town - and owners have to pay monthly levies as well
The demand is strong, Murray says, and he is now talking to companies that have large numbers of parking bays standing idle.
Capetonians looking to cash in on their empty parking bays can expect to make between R800 and R1,500 per month in the CBD – while those renting save on the just under R3,000 they would pay to park on the street during office hours.
The most expensive bay currently listed on Rent My Bay is in Green Market Square, at R1,550 for a single or R2,300 per month for a tandem bay (two bays, where one can only be accessed when the other is empty).
See also: A big South African mall owner will scrap parking fees at some shopping centres – and offer R5 parking everywhere else
Parking in Woodstock goes for around R900, whereas if you rent in Sea Point you can pay around R500 – or fork out R1,048 a month to park at the President Hotel in Bantry Bay.
Listing a garage, driveway or bay is free; Rent My Bay makes its money by charging a 5% fee if you are an individual or 6% to 8% for estate agents and businesses on top of the listing price the owner specifies.
Leases automatically renew until they are cancelled, after which the bay is up for grabs again.
See also: We compared the cost of long-weekend parking at airports – and you really don’t want to leave your car at Cape Town International
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