31/12/2024
🏠 Welsh Rental Market Update - 2024 🏠
The Welsh rental market has stayed active throughout the year, even during the traditionally quieter winter months. Here’s an overview of the current trends:
📈 Strong Demand Continues
Rental properties in Wales are seeing high demand, with an average of 11 enquiries per property—almost double the 6 enquiries per property in 2019. During the summer, this number peaked at 19 enquiries per property, and agents continue to manage strong tenant interest.
🏡 Supply is Improving
There has been a 7% increase in available rental properties compared to last year, easing some pressure. Tenant demand has dropped by 19%, which is helping to balance the market somewhat.
💷 Rent Prices Still Rising
Rent prices are still a concern, with affordability issues affecting tenants. Around 26% of rental properties are being reduced in price before securing tenants, compared to 23% last year.
🔮 Looking Ahead
Rent prices in Wales are predicted to rise by 3% by the end of 2025. However, affordability concerns and an improving supply-demand balance may slow the pace of growth.
💬 Key Takeaways
1️⃣ Demand for rental properties remains high, with strong tenant interest.
2️⃣ Supply is improving, but still not enough to fully meet demand.
3️⃣ Renters face affordability challenges, leading to price reductions in some cases.
4️⃣ Rent prices are expected to rise, but at a slower rate in the coming years.
📊 For Renters: The market is competitive, so act quickly when applying for properties.
📊 For Landlords: While demand is strong, price reductions are becoming more common. Make sure your pricing remains competitive.
Thank You for Your Support in 2024!
We want to take this opportunity to sincerely thank all our clients & tenants for your continued trust and support throughout 2024. It’s been a pleasure working with you to navigate this dynamic market, and we look forward to our continued partnership in 2025!