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.

Citylets Rent trends Q4 2011

Issue 20 of Citylets Rental Report caps five full years of analysis is a post from: Citylets News

According to the latest quarterly figures for Q3 2011  landlords in the city are now charging an average £590 a month, little changed on the same period a year ago.

Chart_rent v house price index

Belfast rent prices hold up as house sales sag is a post from: Citylets News

Technorati Tags: Belfast Rents, citylets, Citylets Rental Report, Q3 2011, residential lettings; citylets

Our Belfast lettings report is the fifth since it was launched at the beginning of 2010 , and the average rent paid across all property types at the end of March 2011 was £567- up from £544 a year ago.  The average monthly rent for a one-bedroom apartment was £492 against £456 at the end of March last year, while the average monthly rent for a two-bedroom apartment grew by almost 3% to £587.

This rental growth is in marked contrast to the housing sales market which has experienced a steady decline in average prices since August 2007.  The chart below illustrates the comparative stability of rental values to house prices since 2008.

The Citylets Belfast Quarterly Report Q1 2011 is a post from: Citylets News

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In Q1 2011 average rents in the Granite City rose to £907 the highest they have ever been.

Key drivers of the expansion of the Private Rented Sector have been the steadily expanding number of households in Scotland and the ongoing barriers facing people wanting to enter the property sales market – with many would-be buyers not able to afford a deposit for a property of their own and having to rent instead.  Some existing home-owners with equity are selling up and moving in to the rented sector because it gives them the flexibility and time to monitor the sales market and buy quickly when they see the right property.

BBC Scotland ran a piece on the rise in popularity of renting earlier today.

Rental properties ‘preferred option’ – you can see it here:

http://www.bbc.co.uk/news/uk-scotland-13292951

The Citylets Report Q1 2011 is a post from: Citylets News

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.

Trends-in-Scottish-rents

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

The Citylets Report Q4 2010 is a post from: Citylets News

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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/

The Citylets Report Q3 2010 is a post from: Citylets News

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Key findings from the report include a 3.7% rise in average monthly rents from Q1 (£544) to Q2 (£564)  though this  represented an annual decline of 6.6%. However, the average time it takes a landlord to let a property has continued to fall over the year for all property sizes.

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

Belfast Rental Report Q2 2010 is a post from: Citylets News

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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/

Trends in Scottish Residential Lettings Q2 2010 is a post from: Citylets News

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The research shows that Glasgow’s Park neighbourhood http://goo.gl/2yAR is the top rental hotspot in Scotland, with the average rent for a 2-bed property standing at £1104, closely followed by Aberdeen and Edinburgh’s West End districts.

The cheapest area to rent is Johnstone in Renfrewshire, where the average rent for a 2-bed flat currently stands at £421.

This local area information will now be included in Citylets’ quarterly data reports, which provide the most in-depth analysis of the country’s rental market.  The Q2 2010 Report will be published in the coming week.

Most Expensive Area to Rent a Two Bedroom Flat is a post from: Citylets News

The majority of the 100,000 Private Landlords in Scotland have very small portfolios and are looking for capital growth on their investment. If Private Landlords are discouraged from remaining in the market by the prospects of lower capital gains and hard to get finance there is a possibility that they will withdraw from ‘buy to let’  leading to a lack of  supply of suitable rental properties to meet the growing demand in the future.  If this pans out rents will have to rise which will eventually attract serious landlords back in to the market.

“I believe a ‘rental income’ based approach to property investment will be the way forward – which will encourage or require landlords to enhance and maintain their properties to the highest standards so that they can achieve the higher rentals.”

Budget impact on Private Lettings Sector is a post from: Citylets News

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