Landlords in Aberdeen may well be wondering when their market will fully level off with negative annual growth of 5.3% recorded in Q4 2018. Whilst this is understandable, the market moved consistently in the minus 3% to 6% range throughout the year representing stability in the rate of (negative) growth. Office space take up in the region was reportedly up in 2018 suggesting a platform for recovery for the economy and related markets in 2019. Property to rent in Aberdeen currently averages £715 per month and takes 53 days to secure a tenant.
“Q4 saw the year draw to strong close. Supply is still plentiful, but both landlords and tenants better understand the current level of rents and standard required to ensure occupancy. December was brisk with a last minute rush for a few people to move before Xmas, as well as half an eye on 2019 with relocation being organised as far in advance as February for employees’ arrival dates. It’s been an exciting year with the roll out of the PRTs, but other than a few shorter than anticipated lets, it hasn’t changed either tenant or landlord behaviour significantly. We anticipate increasing demand for property through 2019, but don’t expect rents to rise until after the summer and there is less excess supply.”
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