LETTING & ESTATE AGENT

Average rents at an all-time high across Scotland according to Citylets

Average rents at an all-time high across Scotland according to Citylets

Average asking rents in Scotland now stand at £767 per month, up 2.1 per cent over the past year. 

The exception to the rule is in Aberdeen - a city suffering from the collapse in oil prices - where rents have now fallen by more than 20 per cent over the year, the steepest decline ever recorded by Citylets. 

The typical property in Aberdeen now rents at £865 per month taking 53 days to let. 

Average rents in the city are now below that of five years ago with years of gains already unwound over a relatively short period, says Citylets, which goes on to warn that falls are set to continue for at least a year.

By contrast the Edinburgh market continues its charge towards the £1,000 per month average figure with rents up 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. Properties let very quickly on average at just 23 days. 

Elsewhere, Glasgow continues its steady upward climb to £710 per month - up 4.6 per cent on the year. Again it was one bed properties rising fastest at 8.8 per cent and taking just 26 days to rent.

“With the exception of Aberdeen, average rents in Scotland’s main urban areas are on the rise quarter after quarter now. Edinburgh in particular has recorded its 13th consecutive rise and whilst a slowdown in growth is not unforeseeable, it is likely to keep rising and the market will continue to function at a very fast pace” explains Citylets managing director Thomas Ashdown.


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