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The Welsh Government has finally announced a start date for the Rent Smart Wales initiative. Previous press releases on the subject were frustratingly vague, but we can now confirm that the scheme will be launched on November 23rd.
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What does the Rent Smart Wales Scheme Mean for Landlords?
Landlords in Wales will be required to register under Part 1 of the Housing (Wales) Act 2014 and letting agents will need to apply for a license to operate. Applications for registration open on November 23rd and all landlords and letting agents have twelve months to comply with the new statutory requirements.
Landlords have a choice in this regard. They can register as landlords and then apply for licensing to manage their own properties. Or they can just register and pay a letting agent (who must apply for a license independently) to manage their properties. The first option is likely to appeal to landlords running their portfolio as a business, but for the accidental landlord, the second option is probably a better choice.
Why is the Welsh Government Introducing Rent Smart Wales?
The Welsh Government is keen to clean up the private rental sector. They say that within the first year of operation, the scheme will help to raise awareness of the new requirements and encourage compliance amongst landlords and letting agents. The government is also keen to tackle the problem of rogue landlords and believes that the Rent Smart Wales scheme is a step in the right direction.
For more information about the Rent Smart Wales scheme, visit https://www.rentsmart.gov.wales/en/.
