Millennial renters taking over CBD

2016-11-29 06:00

Your CBD neighbours are getting younger, according to a survey by the Cape Town Central City Improvement District (CCID).

Although the full results have yet to be analysed, this is one of the trends already emerging from the annual online residential survey, says CCID communications manager, Carola Koblitz.

The age group of the majority of residents in the CBD are millennials (between 18 and 34). This trend had already been picked up in the 2015 survey but has now shown growth from 44% of all respondents in 2015 to 47% this year.

“Clearly, our downtown area is echoing the trend that has been spotted across the world, where urban living is really being embraced by millennials. An urban lifestyle ‘defines’ them, but it also puts paid to the misconception that the central city is too expensive to live in if you’re under 35.”

The most popular area to live in continues to be the East City, where 25% of respondents live – an increase from 21% in 2015.

Those residents renting units have slightly outstripped those who owned their own (46% rentals to 43% owned). In 2015 46% of residents rented with 52% as owners.

“This makes sense when you see that the category regarding owners who own a flat in the CBD but rent it out to others has increased significantly year on year – from 3% in 2015 versus 12% in 2016,” notes Koblitz.

With 31 questions in the survey, there is still much work to be done on the final results, says Koblitz. “We’re very keen to see, for example, where residents prefer to go for entertainment, how often do they eat out or get a takeaway, what jobs do they do, how big are their households, where do they shop and what retail and other amenities would they like to see more of. But we also want to take careful cognisance of any figures that may have shown a decline – if we find any – from the 2015 results.”

With 232 respondents the survey may only be a “dipstick”, but the results indicate who is living in the CBD and, according to Koblitz, what will keep them there. “Our aim is to have a downtown that is as far as possible reflective of the workforce and student population that occupy the CBD during its daylight hours. Then you have a community that takes ownership and cares about its neighbourhood.”

The full survey results are expected in December.

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