10 Eastgate, Aberystwyth, SY23 2AR
10 Eastgate, Aberystwyth, SY23 2AR
estate agents

Lengthy applications are being asked before seeing the place in person – all because agencies do not have the capacity or time to do 50+ viewings for just one property.   

So why is there so much demand and so little supply of rentals? 

My observation and take on this, is that with all the new Welsh housing regulations in place, it has caused some landlords to sell as they just can’t do it anymore. Rent Smart Wales have actually released that there are now just as many landlord deregistering as there is registering. The legislation introduced is the biggest change in rental regulations ever and aims to protect the tenant. It has either become too costly for them that it isn't worth it anymore, or too much hassle and effort. This is also a suggestive reason as to why rents have increased across the country (which I will go into more detail about shortly).  

Find out how the new regulations might affect you here. 

I have also noticed many landlords reacting to this change of legislation by converting their residential let to a holiday home. I see a lot of controversary surrounding this – but I do see the reasoning... there is little legislation with holiday lets, and significantly less regulations than renting.  

To get a better idea of the increase in rents, I found this useful source, Homelet. It is clear that there has been a huge increase in rental prices – within one year, there was a rise of 11% in rents! However, it is still notably lower than the average price for the UK. There is a misconception I read about often that landlords are wealthy and don’t need the money – but this does not apply to the majority of landlords. I work with many landlords and there is so much that they need to pay to be a landlord and help in the community; certificates, licenses, mortgages, bills, insurance, and so on. Their rental may even be their business and main income, or it could even be their pension.  

The growing needs of tenants has been a priority of the Welsh Government which is excellent – but what about the landlord? What is protecting them? 

To conclude – the rental market is crazy. Each day I wish there was a property out there for everyone, as seeing the amount of people that are looking is astonishing yet concerning. I have my fingers crossed for everyone in this strange time – and also hope that the day I start looking to move, there will be a place that I love and available.