Scotland’s PRS rents ‘continue steady climb’
The latest quarterly report from rental property portal Citylets found that, with the exception of accelerated reduction of rents in Aberdeen, rents Scotland’s main cities have continued with the same steady annual growth seen in the previous two quarters.
Overall average rents, however, for residential property in Scotland have hit an all time high.
Property to rent in Aberdeen have now fallen by more than 20 per cent over the year, the steepest decline ever recorded in any Citylets quarterly report. The typical property in Aberdeen now rents at £865 per month taking 53 days to let. Such has the extent of the falls been that 1 and 2 bed properties are now renting for close to official mid market rent values for the region.
Whilst it is likely the rate of decline in Aberdeen will be close to or at maximum, the fall in rents is unlikely to bottom out until well into 2017, it said.
The Edinburgh market saw rents increase by 6.6 per cent on the year to stand at £972. One bed properties rose a full 9.5 per cent to stand at £678 on average.
Elsewhere, Glasgow continues its steady upward climb to £710 per month up 4.6 per cent on the year, the rate of the long term average over the last 5 years. Again it was 1 bed properties rising fastest at 8.8 per cent.
Dundee recorded 5.6 per cent annual growth to now average £620 per month.