![Rent Report Reflects Stable, Cooperative Housing Sector](https://maltadaily.mt/wp-content/uploads/2024/05/rentweb.jpg)
The Housing Authority’s latest rent report, covering rental contracts registered in Malta for the second half of 2023, has been released. Minister for Social and Affordable Accommodation Roderick Galdes, during the report’s launch, emphasized its portrayal of stability in the rental market, crediting government policies supporting landlords and tenants.
Key findings include:
25,721 renewals in 2023, mostly automatic.
Approximately 92% of renewals retained the same rental rate.
Active rental contracts increased by 23% to 60,339 by December 2023.
90% of contracts were long-term, with 16% extended over three years.
32% of new long-term contracts in late 2023 fell within the €700-€999 rent range.
Minister Galdes highlighted the significant aspect that 92% of landlords opted to renew leases at existing rates, underscoring government efforts in fostering a stable housing sector. He emphasized the recently amended rent law as a crucial housing reform milestone, positively received by stakeholders for its role in ensuring fair treatment for all parties involved.
Galdes reaffirmed the government’s commitment to maintaining policies promoting fair practices and safeguarding the rights of both landlords and tenants, with the ultimate goal of fostering a robust, dynamic, fair, and transparent housing market.
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