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Scottish rental market stable as Aberdeen soars

Scottish rental market stable as Aberdeen soars

One of Scotland’s leading lettings portals says the country’s rental market is in rough equilibrium - except for the continuing oil-fuelled exception that is Aberdeen.

CityLets, an independent portal which advertises 80,000 properties to let a year across its core Scottish and Northern Irish markets, says rents across Scotland now fetch an average of £678 per month, a modest one per cent up on a year ago.

 

“Driven by its two major cities, Edinburgh (up 0.4 per cent) and Glasgow (up 0.5 per cent), rental supply and tenant demand have been in relative equilibrium” says the firm. 

 

But here comes Aberdeen, proving a persistent exception. Average rents in the city are up 8.2 per cent and now hit £1,028 - the first time a Scottish rent has hit four figures.

 

“Time-to-Let figures remain extremely low with a typical property being snapped up within a fortnight and one bedroom properties taking only nine days” says CityLets.

 

One postcode within the city, AB24, shows a huge 18.5 per cent annual rent rise while AB12 has a record high monthly rent of £1,472.