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THE South Wales rental market is booming as the housing slump continues, according to experts.

The Royal Institute of Chartered Surveyors in Wales said those who could not sell houses were renting them out instead.

July’s RICS Lettings Survey showed more people than ever were letting out their properties.

Tony Filice, a director of Kelvin Francis estate agents in Cyncoed Road, Cardiff, and a spokesman for RICS, said first-time buyers in the city struggling to get on the property ladder were also choosing to rent.

He added: “There’s certainly been an upturn in the rental market. It’s very busy.

“But those still wanting to buy are buying. The problem is people can’t always get mortgages.”

Director of RICS Wales, Cathy McLean, said: “The Welsh lettings market is booming with many sellers opting to rent their property while sales in the housing market continue to dry up. Becoming a landlord is now an increasingly profitable option with rising rents and yields offering good returns.”