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Market Data

The Summer edition of the quarterly report from Citylets shows that in the second quarter of 2013 average monthly rents in Scotland rose by 3.1% over the year to £693. This annual rise in average national rents is unusual in that it bucks the trend of below inflation increases seen over the last year and is actually above the level of inflation (2.7%) reported in May.

If we look at a longer timeframe of four years average rents have risen by 9.5% since the £633 reported in Q2 2009 while inflation has risen by 13.9% over the same period. This suggests rents at the national level are certainly not overheating though it is also true to say that when one looks more closely at specific urban markets there is evidence of demand outstripping supply. In Aberdeen average rents are now £967 which is the highest figure we have recorded and represents a 7.3% increase over the year. Over the four year period rents are up in Aberdeen by 15.5%.

Another key indicator of demand is the average time to let (TTL) and in Q2 2013 it averaged 36 days across all Scottish properties. This is an improvement of 4 days on Q1 and 3 days less than the figure of a year ago and suggests upward pressure on rents as we move in to the busiest 3rd quarter of the year.

The major Scottish cities all rise in rental values with Edinburgh up 3.4% at £818 whilst Glasgow saw average rents increase the least by 1.5% to £618. Dundee, the cheapest city in Scotland to rent, saw growth of 5.2% to £565.

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