The Aberdeen rental market quickened in Q1 2019 with TLLs down 4 days YOY to 54 days. The average property to lease in Aberdeen dropped 3.5% YOY to £710 representing a better annual picture than any reported throughout 2018. With some reports of improved conditions in the oil and gas sector it could be that improving TTLs are a precursor to a fully stabilising rental market as we enter the 5th year of falling rents in the granite city. 1 bed properties performed best at just minus 2.5% YOY and also outperformed other property types by 5 & 10 year growth, TTL and % let within a week or month.
“Q1 commenced with a healthy start within all areas of the city, with a continued price driven market noted. Tenant enquiries have increased, which we believe is due to an improvement on new recruitment within the oil and gas sector. There is a present demand for quality apartments and homes, both furnished and unfurnished. New instructions have also increased, with early interest received and several offers accepted at the asking prices. This shows a continued sign of a recovering market which we believe will continue during 2019.”
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