Today’s the Day for Change in the Welsh Private Rental Sector
The day has arrived for landlords and letting agents in Wales to join up to the Rent Smart Wales scheme.
The Welsh private rental sector will experience many changes from today, including the requirement for letting agents to display fees. This was only announced last week, despite being mandatory.
Everyone renting out accommodation in Wales must register themselves and register details of their rental properties from today.
All managing agents and landlords that manage or conduct maintenance on their properties must also apply for a license, pass a fit and proper person test, participate in a training course and adhere to a code of practice as part of Rent Smart Wales.
Landlords that are registered but unlicensed must appoint a licensed agent to manage their properties.
Landlords and agents have one year to comply with the regulations before enforcement begins on 23rd November 2016.
Although the Rent Smart Wales scheme has been known about for a while, the obligation for letting agents to prominently display their fees in their offices and on their websites could come as a shock. The Association of Residential Letting Agents (ARLA) was not aware of the rule until last week.
If you let property in Wales, ensure that you are not caught out by either of these regulations.