The latest rent report by the Housing Authority was published, detailing trends and statistics from the registered rental contracts in Malta for the second half of 2023.
During the launch of the report, Minister for Social and Affordable Accommodation Roderick Galdes stated that the findings from the report highlight the stability in the rental market sector, reflecting favourably on Government policy aimed at supporting both landlords and tenants.
Key findings of the report include:
- There were 25,721 renewals in 2023, most of which were automatic renewals.
- Around 92% of renewals in 2023 were renewed with the same rental rate.
- Active rental contracts rose by 23% to 60,339 by end of December 2023.
- 90% of these contracts were long-term.
- 16% of leases are being extended over three years.
- 32% of new long-let contracts in late 2023 had rents of €700-€999.
Minister Galdes pointed out that it is particularly noteworthy that an overwhelming majority of landlords, 92%, chose to renew leases at the same rental rate, and highlighted Government’s success in fostering a stable, cooperative environment in the housing sector.
Minister Galdes stated that the recently amended rent law was a major milestone in housing reform. It was well received by stakeholders as it is a significant step forward in ensuring equitable treatment for all.
“As a Government we remain committed to maintaining policies that encourage fair practices and protect the rights of all parties involved in the rental market, and to build a future where our housing market is not only robust and dynamic but also fair and transparent,” concluded Minister Galdes.
