The Scottish private lettings sector is on the march again with the latest index suggesting a 2.2 per cent annual rise, taking the typical rent to £789 per month.
The average Time To Let for a rental property averaged 31 days, one day quicker than the same period of the previous year; some 61 per cent of all properties are let within one month.
Citylets’ communications manager Gillian Semmler says: “Strong demand continued in Q3 2018, most notably in the central belt where both Edinburgh and Glasgow experienced rental growth in excess of recent quarters. The continued shift in demographic towards families renting appears evident in the uplift in rents achieved for larger properties.”
In terms of specific sub-markets, once again rents in Edinburgh rose during Q3 bringing the market to an all time high, now at £1,107 per month on average, up 5.6 per cent year on year.
All property sizes recorded strong annual growth with four bed properties rising fastest over the year at 10.8 per cent, in part likely to reflect the continued strong demand for family rental accommodation.
Glasgow, for so long the bastion of rental stability in Scotland with consistent and low annual growth, posted an unexpected and sharp rise in average rents of 4.9 per cent annually. Rental properties in Glasgow, on average, now rent at £785 per month and let in just 24 days.
Meanwhile in Aberdeen the market - hit by the long term volatility of the oil industry - may soon level off completely and, with the price of oil having been on an upward trend for nearly three full years, may well start to return to positive growth. Rental growth as at Q3 2018 was minus 3.6 per cent.