Well, it's completely essential. We wouldn't be able to house 20-odd per cent of our population if we didn't have the PRS. It's an interesting sector, really, because we always hear about the churn end of it; we always hear about people trying to get into rental properties and so on. But one of the reasons for that is that, actually, people stay in rental properties a very long time, so, actually, for many people, it's their home and it's their home of many years. So, we have a contrasting two ends of the sector.
We hear anecdotally all the time that landlords are leaving the sector, but the Rent Smart Wales data that we have doesn't back that up at all. We can go into some of the detail of that, if you like, Chair. So, what we seem to have—. Since the end of COVID, for example, we've seen a steady number of landlords registering with a steady number of properties registering at Rent Smart Wales. Rent Smart Wales does give us a really useful tool, because we're able to contact the landlords in Wales in a way that I don't think any other part of the UK can do. So, we have a direct methodology for being able to contact them and to get two-way feedback and so on. The Rent Smart Wales data you do have to look at a little bit carefully, because a landlord registers for five years, and, if they leave the sector during that five years, they don't necessarily deregister, so you don't know they're going to deregister until the end of the five years. So, at the end of the first five-year period, we had a number of deregistrations, but, very helpfully—. And I'll probably find the figures; there we are, let me see if I can find them. So, from September 2022 to September 2023, so the year after the pandemic, the number of registered properties increased by 4,500, just over 4,500, to 212,823—it's very accurate. So, properties are not declining in any number, really. And also we've got 773 landlords registered with Rent Smart Wales last night—last night; it's that kind of day, sorry—last month. Just under 500 of those were renewals and just under 300 were new registrations. So, you can see we've got a relatively healthy set of incoming properties into the system.
So, on the whole, I would say that we don't have any particular evidence that, in Wales, anyone is leaving the sector in any more numbers than anyone else, and of course there's churn in the sector. We also know that, in Wales, 70-odd per cent of our landlords own one other home. So, this is a large number of very small landlords who perhaps got married and rented out the other house or inherited a house or something—they're very small scale. So, only 30 per cent of our landlords are landlords of more than one property. So, we've a very different sector in that regard, and people tend to have long-term relationships with their tenants in those circumstances as well.
The real issue we have in the private rented sector is the cost of rent for new tenants, and that is really not helped by the local housing allowance having been frozen. We know that rents have increased—Emma will correct me to the exact figure, I'm sure, but a six-ish, 6.5 per cent increase in rents. But the LHA has been frozen for three years now, so, obviously, it's just not reflecting the level of rent. And in Cardiff, for example, it's in the early 1 per cent, 2 per cent, 3 per cent of properties that are covered by the LHA allowance. That's hopeless; that's not what it was ever meant to do, and it means that, unless you're a social tenant, you are really struggling, if you're on any kind of income support, to help that. And I just want to remind the committee that most people on income support are working. So, these are people who are trying to hold down jobs but who need help with that element of their income, and LHA was there to do that. And it makes no economic sense to do that either, because, if those people become homeless, they become a lot more expensive immediately, both in human terms and financial terms. So, we constantly call on the UK Government to increase the LHA, even back to the 30 per cent it used to be before the freeze. With previous Governments, it was 50 per cent, which is where I personally think it should be, but even the 30 per cent would be a real help for people.
And then we—. Sorry, I can keep talking about this until you stop me, Chair, but we also, as you know, have a scheme where we encourage private sector landlords to come into leasing scheme Wales, where, basically, we manage the properties for them, and it enables us to give tenants better security of tenure and enables us to help the landlords bring the property up to standard. It's a good deal for people, but we pay the local housing allowance for that. I emphasise it's still a good deal, because you get an unbroken income, it's regular and steady, and the Government makes sure it's paid and all that sort of stuff—no hassle with it or anything. But, clearly, we would have more opportunity to do that if the LHA allowance was actually coming up to 30 per cent of the market rent. The lower it is in market rent terms, the harder it is to do that, although, it's, interestingly, quite popular all the same. So, we do try very hard to help landlords stay in the sector and to bring their properties up to a better standard, because that's one of the biggest worries: how will a private sector landlord, particularly one with a Help to Buy mortgage with increasing mortgage rates on it, afford to bring the house up to the sort of standard that we expect? So, we try very hard to help them do that.