Long Term rentals in Malta
Understandably the long-term rentals market dropped sharply in 2020, but it has regained momentum and is now surpassing most previous years’ levels by far. According to the latest information available on market trends, there’s also a noticeable shift on the cards from buying to renting, due to continued global economic pressures and the pinch of inflation. This puts further pressure on the supply and availability of affordable and good quality rental properties.
More affordable properties
People that were once interested in buying property whether it was for residential purposes or investment, shifted from looking at buying properties above €500,000 to the more affordable, middle end of the market. However, the same buyers also had to relinquish finding such properties in previously preferred areas of Attard, Mosta, Naxxar, Birkirkara and San Gwann and eventually settle for properties in more reasonably priced locations.
At present, the focus for buyers interested in the rentals market is on good quality units that are also smaller and this seems to be what many investors are going for. Simply put, smaller units are more affordable to purchase and far easier to rent out. In fact, the market is buzzing with requests from prospective tenants that want properties of manageable in size, that are easy to maintain, of high build quality and certainly ones that have excellent finishes and furnishings.
Having access to the right information
According to recent reports many buyers felt that there was not enough information available to make an informed decision when buying a property. This is something which can easily be remedied when you choose to deal with a reputable real estate company. A company with a long and successful track record will have access to any property’s history, area market stats, the property’s energy performance certification or rating and last but not least, most likely already have approved and signed-off plans of the property in question from a registered architect.
What drives the long-term rentals market?
The continued rise of the long-term rentals market is being driven by a variety of factors. Some of these are Malta’s increasing popularity as a retirement destination, the growth of the remote working industry, an influx of foreign contract workers, the growing popularity of sharing big rental properties in sought-after areas and ultimately the unstoppable rise of sales prices which currently results in more people choosing to rather rent than buy.
The long-term rentals market is predicted to undergo further unprecedented growth due to several stimuli introduced by the government. Amongst these are tax breaks for landlords who rent out properties to long-term tenants, plans to attract more foreign investment and a renewed push to lure talented and highly enumerated professionals from all over the globe to come and live in Malta.
What to do as a tenant when looking for an affordable long-term rental
Navigating the complex world of finding long-term rentals in Malta can be very challenging. Our best advice is to appoint a rental agent to find you the right property. This will considerably shorten the amount of time and help you in shortlisting the best properties, within your desired location and budget.
Your rentals agent will do all the paperwork, deal with the landlord and see that you are in your new home within no time at all. You will also be able to rest assured that your best interest are looked after such as the return of your deposits at the end of your tenancy, that the contract is legal and that the property is registered with the Malta Housing Authority. This way you will be legally protected as a tenant. Furthermore, all monies paid to the rental agent by you will be issued with receipts, thus protecting you for the future in case of any disputes. Should the latter ever arise, your rentals agent will deal on your behalf with the landlord and ensure an amicable outcome.
Frank Salt Real Estate has been in operation for more than 50 years and has a dedicated Rentals Division manned by expert rental agents in all 16 branches, spread right across Malta and Gozo… so you are sure to find one of our offices close by. We have the biggest database of properties for rent and for sale, so whether you are looking to buy or sell, whether you are a landlord or a tenant, we guarantee we will have you covered!