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Rental demand outstripping supply

Rental demand outstripping supply

Aberdeen has maintained its place as Scotland’s leasing hotspot while Edinburgh comes in second. The rental prices continue to out perform the rest of the country. It is a well known fact about Aberdeen is in its own economic and rental bubble. Not only is the rental market becoming increasingly busy but you can also expect the rental amount to be on the increase. This is due mainly to Oil & Gas industry; however it is important to remember that there is also two well established and popular universities that contribute to Aberdeen’s attractiveness and it is not reliant on the oil and gas industry alone.

 

In the second quarter of 2013, the Aberdeen City rental market has reached an all time high in regards to rental figures. Figures published by the leading online property portal, Citylets show a marked increase in the average rent price, rising by a staggering 7.3% over the last 12 months. That leads to an average rental price of £967 per month. This latest figure even exceeds the previous high set in Q1 2013. The average may even rise to £1,000 by the end of this year.

 

The time it takes to let your property is often a key indicator about how the market is advancing. As a result the figures above are supported further by TTL (time to let) figures. These have shortened even further with some properties taking just two weeks on average to let. Smaller one bed properties are being let exceedingly quickly with an average TTL of only 11 days which has shaved 6 days from last year time period.

 

Here at Martin & Co, we lease most well maintained properties within the first viewings, that means only allowing 4 applicants to view the property within the same time slot. Martin & Co are so confident that we will let your property quickly that if we do not do so within 21 days of us being instructed then we will not charge any setup fees. In fact at the moment our current TTL is only 7 days, a whole week shorter then the average TTL.

 

If you have a property in Aberdeen or the surrounding area and are considering leasing, please do not hesitate to contact us at 01224 636500 or e-mail our branch manager at james.taylor@martinco.com. We also offer a free appraisal service so take advantage of this service today.

 

Citylets survey can be found by following the link provided: http://www.citylets.co.uk/research/reports/