Wales lost another 532 registered rental properties in May, while the number of landlords fell by 290, according to fresh analysis from Propertymark using Rent Smart Wales data. The trade body said the trend points to a smaller private rented sector that is becoming more concentrated in the hands of larger operators.
The latest figures put the Rent Smart Wales register at 213,463 properties and 100,422 landlords. That leaves Wales with 4,089 fewer registered rental homes than in May 2021, a drop of almost 2%, while the average number of properties per registered landlord has risen to 2.13.
The sharper signal is that smaller investors appear to be carrying less of the market, which could make local shortages worse and leave policymakers with fewer flexible sources of rental stock.
Large landlords now control a bigger share of Welsh stock
Propertymark said almost 70% of Welsh landlords still own just one property and another 25.56% own between two and five. But the 5.15% of landlords with six or more properties now control 34.91% of all registered rental homes.
Propertymark said the figures strengthen the case for policies that retain existing landlords, encourage responsible investment and increase supply where it is most needed.
The concentration trend was even clearer at the top end of the market. Just 0.62% of landlords had at least 21 properties between them, yet they controlled more than 15% of registered stock.
This follows Residential Landlord’s July analysis of homes leaving the private rented sector, which found one in six rental properties had left the market over the past decade. The latest Welsh data suggests that pressure is not easing in devolved markets either.
Cardiff and Swansea mask deeper losses elsewhere
Only three of Wales’s 22 local authority areas had more registered rental properties in May 2026 than five years earlier. Cardiff added 3,798 properties and Swansea 913, while Blaenau Gwent recorded a modest rise of 76.
Every other local authority area lost stock, with the biggest falls recorded in Gwynedd, Carmarthenshire and Wrexham. Even Cardiff and Swansea had fewer landlords operating in them than five years ago, suggesting growth in those cities is being driven by bigger portfolios rather than a broader investor base.
That matters because tenants cannot always follow supply to another part of Wales. A city-level increase does little for renters in smaller towns if homes are disappearing from the places where they need to stay.
Propertymark has argued that the Welsh Government should review the cumulative impact of tax and regulation, including the additional Land Transaction Tax burden on long-term rental investment. The underlying data and policy case are set out in its latest Welsh rental market briefing.
Implications for landlords in Wales
For investors still active in Wales, the report points to a market that may support stronger occupancy where stock is tight, but it also raises questions about long-term depth and liquidity. If fewer small landlords stay in, councils and tenants may become more exposed to the decisions of a narrower group of bigger operators.
Landlords will also note that this is not happening in isolation. Residential Landlord has already reported how Propertymark has warned the Welsh Government over supply pressures, and the new register figures add another layer to that argument.
Opinion
Governments often say they want a professional private rented sector, but a market that loses smaller landlords faster than it adds new stock is not automatically healthier. If Wales ends up with fewer homes, fewer owners and more geographic imbalance, ministers will find that concentration is no substitute for supply.
