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After 20 consecutive quarterly publications, the latest Citylets Report (Q4 2011) – caps five full years of analysis and reveals a thriving market where the volume of quality properties to let is higher than ever, rents are easing upwards, yet landlords are resisting any urge to squeeze tenants.  Scotland’s private rented sector has coped well with the jump in demand that has materialised post credit crunch, as the banks have upped their deposit requirements and first time buyers are now obliged to save an average £25,000 for their deposit.

The overall average monthly rent in Scotland now stands at £656, a rise of 1.9 % on Q4 2010. Meanwhile, the average time to let (TTL) figures rose slightly from 35 days in Q4 2010 to 39 days in Q4 2011.  Scotland-wide, the average rent for a two-bedroom flat rose 1.5% from £617 to £626 between the final quarter of 2010 and the same period in 2011. For one bedroom flats, the average rent rose 3.6% year on year, from £473 to £490.

While Scotland’s property sales market continues to struggle, the rental sector is performing strongly – with rents continuing to rise across the country and properties being leased to tenants quicker than at any other time in the last three years.

The latest Citylets quarterly data report saw the average rental price in Scotland rise by 2.2% over the past year to £644.The figures also show that the average time taken for properties to let in Scotland has fallen to 35 days – the lowest it has been since the height of the credit crunch in 2008 when there was a surge of demand for rental property.

And in Edinburgh, rents are now at their highest-ever levels with the mix adjusted price for all property being £772 up 5% on the previous year. The average rental price for a 2 bed property currently stands at £704 (up 5.5% on 2009 levels), while the average rent for 3-bed properties has risen by 9.8% over the past 12 months to £1054.

A copy of the report is available at www.citylets.co.uk/reports

Technorati Tags: citylets, Citylets Rental Report, House Prices Scotland, residential lettings; citylets

The latest Citylets Rental report Q3 2010 shows that the average monthly rent in Scotland during Q3 2010 was £649 – a small 1.4% increase on the same period in 2009 – however the time taken for properties to rent has fallen dramatically due to increased demand among tenants. The average 1 bed property in Scotland now takes 33 days to let, while 17% of all new properties are now being let within a week of being advertised.

Rents continue to remain stable across Scotland’s three biggest cities.  In Edinburgh, the average rent for a two bed flat in the city now stands at £681, a rise of 3.2% on Q3 2009. The average time to let figure – a key indicator of demand for the private rental sector – currently stands at 31 days.

In Glasgow, the average rent for a two-bed flat is now £582 – a modest rise of 0.9% on Q3 2009 – while the average time to let figure stands at 37 days.

Aberdeen remains the most expensive city in Scotland to rent property, with the average rent for a two-bed flat in the city now standing at £791 – a rise of 3.3% on Q3 2009. The average time to let figure in the city currently stands at 34 days.

In this the 15th issue of the report we have extended our analysis to cover areas beyond the largest Cities and the map of Scotland below shows the extent of this new coverage.  Copies of the report can be downloaded from here: http://www.citylets.co.uk/reports/

Technorati Tags: citylets, Citylets Rental Report, Rent Report

We were really pleased that the BBC published our recent analysis of the Private Rented Sector in Scotland  http://www.bbc.co.uk/news/uk-scotland-10698297

If you have not seen it our latest  issue (No 14) of ‘Trends in Scottish Residential Lettings’  for Q2 2010 reported average monthly rents at £654 in Scotland, a 3.3% rise over the year.  Rents in the 3 largest Cities eased upwards over the year as well. In Q2 2010 Edinburgh had an average monthly rent of £755, up 4.3% on the year,  while Aberdeen rents were £854 up 2.0%. Glasgow saw rents of £590 which were up 2.6% on the previous year.

The Citylets Rental Index for Scotland stood at 110.9  in June  which is the second highest figure recorded since the Index was initiated four and a half years ago (Jan 2006 =100).  This and the steadily improving Time to Let figures are a clear indication of the increased demand for good quality rental property.  Many tenants are extending their leases and pondering their first steps on to the property owning ladder.

To download your copy of the latest report visit http://www.citylets.co.uk/reports/

Technorati Tags: citylets, rent, Rent Report

Our latest Citylets Rental Report for Scotland saw average monthly rents standing at £638, a small 1.3% (£8) rise between Q4 2009 and Q1 2010 and an increase of just £1 on the previous year’s figure. The 3 main cities also saw remarkably stable rents over the year. In Q1 2010 Edinburgh the average monthly rent was £740, and in Aberdeen £858 both figures down just £1 from Q1 2009. Glasgow rents were £591 up £11 (1.9%) on the previous year. We have started to drill down and analyse local areas in our reports and the most expensive neighbourhood to rent a 2 bed flat in Scotland is Park (Glasgow).

Our Top Ten is listed below:

Copies of the latest Citylets Rental Report for Scotland can be downloaded here: Citylets Rental Report

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