As demand from tenants continues to exceed supply, a recent report shows that the average residential rents in Scottish cities have recorded a record high of £789/ month in the second quarter of 2017.
According to figures from Citylets, rents in Edinburgh have increased by 5.2% and now sit at an average of £1,037 per month, higher than anywhere else in Scotland. The report shows that all major markets in the city recorded strong gains with two-beds performing best, up 6% at £950 per month. Edinburgh has recorded positive annual growth every quarter for a full eight years and averages 6% over the last five years.
Glasgow, Aberdeen and other major locations around Scotland are also showing rising rent figures and the market outlook is expected to remain strong.
Partner Mary McQueen comments: “The private rental market in Edinburgh continues to show growth and we have a number of clients who are searching for buy-to-let investments in the city. It’s a thriving city, which attracts tourists, students and professionals alike, often from all over the world. In an age when time is precious, many of our investors, as well as other clients, use our bespoke Property Finder Service where we locate and view properties for our clients that are both on and off market, and present them with a shortlist of properties which we believe they may wish to view themselves.”