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Nick Servini, a presenter for BBC Wales Today, reports on the surge of high-rise apartments in Cardiff and how they may impact rental prices in the city. The main investor behind this boom, Legal & General, is developing 1,000 flats for rent in the Welsh capital. However, concerns have been raised as some one-bedroom apartments are priced at £1,300 per month, potentially pricing out renters from the market.
Private rents in Wales have increased by 8.5% over the past year, with Cardiff seeing a higher increase of over 9%, based on recent data from the ONS. The rise in build-to-rent accommodation in Cardiff follows similar trends in cities like Manchester and Liverpool. These properties, owned by investment companies, offer amenities such as on-site gyms, communal living spaces, and concierge reception areas.
Around 1,000 build-to-rent flats have been constructed in Cardiff recently, with an additional 3,000 on the way, according to property consultancy Bidwells. The average monthly rent for a one-bedroom apartment in Cardiff’s new build-to-rent market is £1,297, compared to £944 in the traditional market. Legal & General believes that by increasing the supply of rental properties, prices will become more affordable, controlling the rise in rents in the city.
Despite the developer’s claims, lettings director Jon Hooper-Nash at Jeffrey Ross estate agents remains skeptical. He points out that the rents being asked are already higher than current market rates, suggesting that they may not actually bring rents down as promised. Renters in Cardiff have shared their experiences with finding accommodations, highlighting the challenges they face due to rising prices in the rental market
Read the full article from The BBC here: Read More
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