A report from one of Scotland’s premier letting portals has provided good news regarding the country’s rental market.
Findings from CityLets, which advertises 80,000 properties to let per annum throughout Scotland and Northern Ireland, suggests that the rental market in Scotland is now stable. Their survey indicates that the average rent across Scotland is now around £678 per month, a rise of just 1% from a year ago.
A CityLets spokesperson said: “Driven by its two major cities, Edinburgh, up 0.4%, and Glasgow, up 0.5%, rental supply and tenant demand have been in relative equilibrium [within Scotland]”.
However, Aberdeen is proving a profitable exception to the modest increases. Average rent prices within the city have risen by 8.2% to reach £1,028. This is the first time in history that a Scottish rent has reached four figures.
CityLets said that within Aberdeen: “Time-to-Let figures remain extremely low, with a typical property being snapped up within a fortnight and one bedroom properties taking only nine days.”
The AB24 postcode in the city has experienced a massive rise of 18.5% in its rental prices over the last year, while AB12 has experienced a monthly high rent of £1,472.