The average asking rent in Wales is currently £926 per calendar month, 5% up from last quarter and 15.1% higher than this time last year.
The increase in rents is due to a shortage of available properties, with low volumes struggling to meet the high demand from tenants.
According to Rightmove, current levels of available properties is down 26% vs this time last year, whereas demand is up 6%, meaning competition between tenants remains strong, leading to an increase in rental prices.
Benjamin Jones, Peter Alan Lettings Director, commented, “The local lettings market is very active at the moment with tenant demand higher than the supply of available properties, meaning homes are letting quickly and achieving high rents. We would urge those interested in letting their property to make the most of the current buoyant rental market.”
Despite upcoming changes to the rental industry such as the Renting Homes (Amendment) (Wales) Bill where a number of rule changes to the way properties are let in Wales will be implemented, Rightmove research suggests that more landlords are planning to expand their portfolio than reduce it, a positive sign of confidence in the market.
If you have a property to let and want to find out more about our lettings services get in touch with your local branch directly to book a FREE market appraisal.
If you’re just curious as to what your property could achieve in the current rental market you can visit www.peteralan.co.uk/#valuation for a free instant online valuation.
Take a look at these avaliable lettings properties:
Source – Rightmove Q2 Rental Trends Tracker, July 2022