Average rents in Scotland for new tenancies have risen by double digits for the third time in a row since the introduction of the Cost of Living (Tenant Protection) (Scotland) Act 2022, underlining what many in the industry feared from the outset that the new legislation would exacerbate the supply demand imbalance. It currently appears to be sustained in vice-like grip sending rents soaring across the country.
The average property to rent in Scotland, having surpassed the £1000 mark for the first time in Q1 2023, continued to rise to average £1081 per month but with the rate of growth easing to 11.4% Year on Year (YOY), down from 12.4% recorded the previous quarter. The average property to rent now takes 19 days within a range of 16-24 days for 1-4 bedroom property types. Annual price appreciation for all major cities was recorded at between 13% and 18%.
“Demand for good quality accommodation remains at record high levels. This demand is not only restricted to the major cities, we are also witnessing unprecedented enquiries for properties in our towns and rural areas. With the lack of housing availability, people are being forced to widen their parameters, which is fuelling higher rentals in areas traditionally impervious to wider market trends. The media have recently been referring to a ‘ticking timebomb’ in the mortgage market. Scotland’s PRS timebomb started ticking several years ago and despite many warnings, the Scottish Government appear happy to let it explode with those they claim to be protecting, suffering the most.”
I am a Tenant Landlord
