High-rise boom could bring rents down, claims investor

1

The main investor behind a boom in high-rise apartments in the centre of Cardiff has claimed the developments could bring the city's rising rents down.

Finance company Legal & General is building 1,000 flats to rent in the Welsh capital.

But with some of its one-bedroom apartments costing £1,300 per month, a letting agency has warned renters could be priced out of the market.

Private rents in Wales have risen by 8.5% over the past year, while in Cardiff they have increased by more than 9%, according to recent data from the ONS.