Citylets Rental Report Q1 2009 Summary

In contrast to the start of 2008 the first quarter of 2009 was dominated by supply and the Scottish rental market slowed with properties taking longer to let. Time-to-let (TTL) averages for properties of most sizes lengthened, quite considerably for 1&2 bed flats, and broadly rents fell. With more choice available, tenants have taken their time viewing more properties before making decisions contributing to increased TTLs. By historic standards demand for rental property in Q1 was healthy but the increase in supply in the last half of 2008 and into 2009 may not have made it feel that way for Agents & Landlords prompting them to adjust rents downwards.

Two bed flats in Aberdeen saw the largest decline with rents now averaging £772, a fall of 5.8% on Q1 2008. However this is probably the least surprising observation as rents, which had been stable around the £820 mark for some time despite lengthening TTLs, were perhaps overdue some adjustment. Elsewhere rents declined at more modest rates but indications are that the trend has been set for 2009.

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