Long Lets in Malta: Key Considerations

The Malta Independent article published on August 20th reported that key figures in the real estate industry in Malta unanimously acknowledged a surge in demand for long-term rental properties. This heightened demand is primarily attributed to the influx of foreign workers. Many industry leaders observed that rental properties are being snapped up almost instantly once they become available on the market.

This situation has resulted in a limited availability of high-quality long-term rental properties in Malta, leading many tenants to opt for shared accommodation due to the high demand for rentals. As prices continue to rise annually, we explore strategies for landlords and investors to ensure that their buy-to-let or rental properties remain occupied by responsible tenants who will take care of the property. Additionally, we provide valuable advice for investors considering entering the rental market, including tips on property selection, successful renting practices, and maintaining a positive long-term tenant relationship. In summary, we discuss below key considerations for property purchase, effective rental management, and tenant retention strategies

  • Choose the right location: Areas that are central have access to amenities and attractions like Sliema, St Julian’s, Gzira, Ta’ Xbiex, San Gwann and Valletta are immensely popular with renters. Owning a property here makes it very easy to rent out to an eager market.
  • Choose the right asking price for your rental property: Set a competitive rental price for your property by being realistic. Consult with a rental agent to receive expert guidance on how to efficiently rent out your property in your local area. They can provide insights on the current market rates for properties similar to yours and offer suggestions to minimize vacancies
  • Condition: It is essential to ensure that your rental property is kept clean, well-maintained, and in good condition, as modern tenants have high standards and seek value for their money. Failure to meet these expectations may prompt them to seek alternative accommodation options.

More Considerations

  • Quality appliances: Purchase high-quality appliances that have a longer lifespan and ensure that your tenants have access to reliable, fully functional major appliances like modern washing machines, dishwashers, and air-conditioners.
  • Respond to tenant inquiries: Establish a communication system for tenants to reach you promptly during emergencies. Respond promptly to maintain tenant satisfaction and potentially encourage lease renewals.
  • Be reasonable: Word of mouth and referrals can significantly impact your reputation. With tenants having the ability to share their experiences on social media, it’s important to maintain fairness and reasonableness. By being a reputable and sought-after landlord, your properties will consistently attract high demand throughout the year
  • Make use of a professional property management company: This will simplify the management process and streamline the search for reliable, high-quality tenants. Discuss with your rental agent to explore the full range of benefits they can offer you.
  • Always get everything in writing: This applies to lease agreements, terms of payment and everything else related to renting out a property.
  • Know the law: As a landlord, it’s crucial to stay informed about the ever-evolving laws, rules, and regulations. Your management company or rental agent can provide valuable assistance in keeping you updated on these changes.

What Malta Invest can do for you.

At Malta Invest we utilise the services of the Malta’s largest and most established Real Estate company on the island, who have been supporting landlords for over 50 years. Their Rentals Division is staffed by some of the nation’s most skilled and experienced professionals. They offer a range of services, including finding the ideal rental property for purchase, guiding you through the buying process, registering your rental property with the housing authority, and securing a reliable long-term tenant. If you choose to utilize their property management services, they can handle administrative tasks, rent collection, utility bill payments, and coordinate any necessary maintenance and repairs.

Interested? Contact us by filling in the form below.