The lettings market in the last two years has totally turned on its head. A once saturated market, dominated by flats, led onto fierce competition and low rental incomes. Coupled with high interest rates, there was often a negative yield with landlords subsidising the shortfall out of their own pocket. This left many properties empty for long periods especially the ones in large blocks where the competition was fierce, says Midas Lettings.

“Two years later and there is a serious shortage of properties to rent and agents often have hundreds of applicants looking with only a handful of properties available,” says MD, Andrew Dillon.

“This has resulted in the ‘re-signing’ percentage going from around 40% to over 80-85%, people sometimes want to move but have no choice.”

The trend has also meant people are looking earlier to tie up properties and advertising two months ahead is now common place. Rents have increased significantly, however Dillon warns landlords that many agents dont carry out rent reviews, yet this is essential as if the tenants have lived in the property for more than two years, they will be paying less than the current going rate.

"I recently stopped a re-sign on a flat in Cardiff City Centre for £625 pcm and re-rented it for £800 pcm, which is quite an increase,” said Dillon.

“Students are looking earlier and earlier and it is commonplace for them to start viewing properties in November/December to let properties for the September of the following year. The rents that students pay now is very close to the professional market and landlords with 4-10 bed properties can make huge yields. To buy properties in these areas is a very competitive market place and sometimes these units are sold to existing investors before being advertised.

"To summarise,” says Dillon “in our experience, the student rental market is very strong, possibly the strongest ever with interest rates low, rents high and a real shortage of properties.