One HMO had 78 viewings while in the same city a £7,000 rental property was let after just one day of marketing – more signs of a frenzied lettings market. 

Scottish lettings firm DJ Alexander says activity in the rental market north of the border has increased enormously in recent weeks with demand greater than pre-pandemic levels.

Last week the firm took just one day to let a property for £7,000 a month in Edinburgh’s prestigious Ann Street whilst a recently listed Home in Multiple Occupation had 78 viewings.

Chief executive David Alexander says: “Letting a £7,000 per month property in just one day is unusual at the best of times but this is not, by any means, an isolated incident at the moment. Properties are flying off the market in a matter of days following listing. 

“Just three months ago there were as many as 1,900 properties available in Edinburgh alone and that figure has now dropped to just over 600 rentals at the moment. Edinburgh is undoubtedly the centre of extremely high levels of demand at present, but we are seeing increased activity in the private rental market across Scotland.”

He adds: “The wider concern is that demand may now be outstripping supply. This is likely to lead to a shortage of available properties on the market and rising rental prices in the short to medium term. 

“I believe that this situation will persist in the coming months particularly if we start to have an inflow of people back into cities and towns to work, and the potential return of EU citizens to work in the hospitality and retail sectors. However, this level of activity is a clear and welcome sign that the market and the wider economy are returning to normal.”