Citylets Rental Report (Q1 2012) reveals fast expanding PRS and steady rentals
Our first rental report covering 2012 is now available for download here: www.citylets.co.uk/research/reports/
2012 will be a significant year for the Private Rented Sector (PRS) in Scotland as it experiences ongoing
expansion as well as an increase in regulation.
As far as the latest numbers are concerned the mix adjusted average for Scotland in Q1 2012 was £664,
2.6% up on the same period last year which suggests a reassuringly stable market for landlords and tenants
alike. Three bed flats which account for 10% of all properties let via Citylets saw a more substantial annual
rent increase of 5.8%. Two bed flats are still the most popular property type and account for 40% of all lets.
In Glasgow the mix adjusted average rent was up 2.8% on the year to £596, while in Edinburgh average rents
rose 2.9% and are now £788. Rents in Aberdeen experienced a much smaller annual rise of 0.7% to £913 in
Q1 2012, though it is worth mentioning that there has been rapid increase in rents of 5.9% since Q2 2012.
Aberdeen rents are currently 37.5% more expensive than the average in Scotland, 53% greater than Glasgow
and 15.9% more than Edinburgh. With international oil companies offering very generous accommodation
allowances it is not a surprise that prices are higher than anywhere else in the country.