The rental sector in Scotland is thriving and has changed the pace of the country’s housing market, as rental accommodation is now accepted as a viable housing option, says letting website Citylets.
The private rental sector has maintained strength and sustainability in 2013, revealed the Citylets Quarterly Report, Issue No. 28, covering October to December 2013.1
Rental Sector in Scotland is Thriving
Average monthly rents have increased in Scotland to stand at £678. However, this is only an annual rise of 1%. It is interest in rental housing that continues to progress, based on website visitors.1
Edinburgh and Glasgow are continuously seeing a stable yet growing rental industry, however Citylets have highlighted renting in Aberdeen as beating the national norms, with average monthly rents well above £1,000, an annual rise of 8.2%.1
The highest prices rises in rent within Scotland were found in the AB24 postcode, which encompasses Old Aberdeen, Woodside, and Tillydrone. Rents here have increased 18.5% year-on-year.1
One-bedroom flats in Aberdeen are the most popular in the country, as properties are acquired only nine days after being advertised.1
Senior Analyst at Citylets, Dan Cookson, says that the figures from the report highlight the significance of the rental sector within Scotland.1
He comments: “When the first issue of the Citylets quarterly report was published in 2007, the housing boom was at its height and the iPhone had yet to be launched.
“It was hard to imagine then the transformation that the private rented sector was about to experience. So much has happened in that time: the explosion of the internet as a tool to source properties; rapid expansion of the rental market; improvements in quality and service; the development of new luxury build to rent properties; and the blurring of the lines between social housing and private rented housing, as housing associations and councils get involved.”1