Steady growth for Edinburgh's private rented sector
Rental trends observed in the Q2 2016 Citylets Quarterly Report have been amongst the most consistent ever recorded. The Scottish Private Rented Sector (PRS) on the whole continued to rise at its current rate of 2% year on year (YOY) growth to stand at £777 per month on average. Strong competing forces in Scotland's main cities continue to battle it out with the net result of modest growth at national level.
The Edinburgh market, however, edges ever upwards towards the £1000 average mark at the same rate recorded over the last few quarters of around 6%. The average rental in the capital is now £986 per month with 70% of stock let within a month.
It has been the ever popular one bed properties rising fastest at a full 8.7% YOY to stand at £686 on average and with 34% coming off the market within 1 week.
Whilst there may be uncertainty all about, this is not the case for trends in the Edinburgh rental market which is good news for landlords but increasingly bad news for tenants. Rents in Edinburgh have risen just under 7% per year over the last 3 years and c5.5% over the last 5.
Citylets continues to expect upward pressure on rents in Edinburgh to surpass the £1000 per month average by the end of 2016.