New figures have revealed the most expensive and least expensive localities to rent a property in Malta and the areas where prices are soaring after the pandemic.
Sliema has topped the list with a two-bedroomed apartment setting the tenant back an average €1,218 per month last year. That's an increase of just over €160 from the average price in 2021.
On the other end of the scale, Munxar in Gozo is the cheapest place to rent, with the average rent of a two-bed dwelling at €495, up from €400 in 2021.
St. Julian’s (€1,141), Swieqi (€1,097), Naxxar (€904), and Gżira (€823) were also ranked as the topmost expensive localities to rent a two-bedroom apartment for a month.
An average three-bed apartment would set the tenant back €1,439 in Sliema and €1,348 in St Julian's.
The cheapest localities in Malta to rent a two-bedroom dwelling is Fgura at €554, up from €486 in 2021.
Paola (€581) and Birżebbuġa (€597) are the next least expensive.
The Private Rental Market in Malta report was published on Wednesday by the Housing Authority, providing a holistic assessment of the private rental market in Malta. The report was based on registered contracts dated up until 2022.
The report includes the estimated monthly rent for apartments in key localities with the greatest number of contract registrations.
Therefore localities such as Ta'Xbiex, known for being an expensive locality, were not included because a small number of contracts (250) were registered there the previous year.
In Sliema, there were almost 4,000 active contracts registered last year alone.
According to the study, the northern harbour area remains the most expensive and popular area to rent, where over 21,000 active contracts were registered in the area in 2022.
According to the study, the cheapest localities to rent are located in the Southern Harbour and Gozo.
Fgura tops as the cheapest locality to rent- both for two-bedroom and three-bedroom dwellings (€654).
Prices begin to increase when looking at properties in the South Eastern region.
Renting a two-bedroom apartment in Marsascala costs €716 a month while three-bedroom apartments in the same locality can cost up to €846.
Renting a three-bedroom in Birżebbuġa can cost up to €700, and €787 in Żurrieq.
In Gozo, the median price per month for a two-bedroom rental was the highest in Rabat (€579) and similar to previous studies, Munxar remains the cheapest at €495 (up from €400 in 2021).
St.Paul’s Bay remains the most popular locality to rent, with almost 7,300 lease contracts recorded in the locality- it costs on average €659 a month to rent a two-bedroom apartment, and €779 to rent a three-bedroom dwelling.
According to the report, rents across the board have increased by 6.6% in the second quarter of 2022 when compared to the same period in 2021.
The report also highlights that the price of rents has now surpassed pre-COVID levels.