BEWARE OF ONLINE RENTAL SCAMS - FACEBOOK AND GUMTREE

If it sounds too good to be true, it probably is! This is the message we hope to get across to all potential tenants of rental properties in Cape Town and beyond. The current depressed residential letting market is a sign of the struggling economy, much of which is blamed on the Covid-19 pandemic. It is especially in times of economic struggle that scam artists flourish by preying on the most vulnerable, ie. those looking for affordable rental properties. 

Steer & Co are currently advertising a number of available rental properties across the Cape Peninsula, evidence of the long-term (12 months +) rental market experiencing a downward adjustment where many historically (in some cases) inflated rentals have been adjusted downwards to meet the increase in supply. In other cases, existing tenants' loss or reduction of income or changed place of work circumstances has meant an increase in the movement of tenants from one property type to another. There is a surplus of advertised rental properties across the Cape with a large number of would-be renters looking for the best deal.

One of our advertised properties in the Northern Suburbs was recently (last week) the subject of a scam, whereby the apartment's details were copied off our advert, which is accessible across more than one online platform (our website, Facebook, Gumtree and Property 24). The fraudster loaded a new advert on Facebook Marketplace with his contact details and dramatically reduced the advertised rental. He invited interested parties to meet at the block of flats to view the unit, but the scam was intercepted when the building's supervisor raised a red flag to the two people who arrived for the viewing. Fortunately no money had exchanged hands, but unfortunately we were unable to identify the fraudster. This is not an isolated incident.

Steer & Co, like any reputable estate agency, would never request a cash payment of any kind to secure a rental property. A solid application (completed application form, FICA documents etc.) secures a rental property, NOT payment of any rental or deposit upfront, before formal approval of an application. Please be aware of such scams, especially when looking for attractive rental deals; if it sounds too good to be true, it probably is!

Please view our website for the most reliable source of available rental properties. Remember that, at this time, many advertised rentals are negotiable so attend those viewings even if a property appears slightly over your budget; you may well successfully negotiate a reduced rental for the first few months of the lease agreement at least.