Aberdeen

Eduardo Prato

Eduardo Prato - Martin & Co.

“Q4 2023 closed a year that was characterised by consistent rent increase. Although Aberdeen did not experience the large increase in rents that other Scottish cities saw throughout the year, we still closed 2023 with a solid increase YOY. Enquiries in Q4 were below Q3 level but this was expected considering the seasonal nature of the industry. We are delighted to see that there is a solid group of very professional and ethical landlords supplying good quality properties for a market that definitely recovered in 2023. We look forward to serving these landlords in 2024.”

Market Overview - Q4 2023

BedsAverage
Rent
Rent Change
1yr
Rent Change
5yrs
Rent Change
10yrs
Av. TTL
(days)
TTL Change
YoY
Let within
a week
Let within
a month
1 bed £547 8.7% 17.6% -17.4% 18 3 25% 82%
2 bed £780 7.6% 18.4% -22.4% 24 2 16% 71%
3 bed £1,115 8.6% 14.7% -19.6% 36 7 15% 56%
4 bed £1,783 12.4% 30.4% -10.0% 41 9 12% 51%
All £863 9.8% 20.7% -16.1% 25 4 19% 73%

Average Rent (pcm) by Number of Bedrooms

Average Time To Let (TTL) by Number of Bedrooms

Rental Index (base Q1 2008)

YearQ1Q2Q3Q4
2008 100.0 99.5 100.7 98.8
2009 97.1 94.6 93.8 96.8
2010 96.9 96.5 96.3 98.3
2011 102.5 97.4 99.2 101.0
2012 103.2 101.8 101.6 107.3
2013 108.6 109.3 113.2 116.2
2014 120.5 122.5 120.6 125.4
2015 123.1 117.9 112.4 105.5
2016 97.7 93.9 93.7 89.2
2017 86.8 89.0 87.5 85.3
2018 83.2 83.6 84.2 80.8
2019 80.2 82.9 80.9 80.0
2020 79.3 78.6 80.7 80.1
2021 79.0 79.9 80.8 80.7
2022 81.7 83.4 87.2 88.8
2023 90.2 94.4 94.0 97.5

Market Composition

Yield by Popular Postcode (Flats):

Postcode20172018201920202021
AB10 5.20% 5.40% 5.20% 5.30% 5.3%
AB11 5.60% 5.70% 6.00% 6.20% 6.1%
AB15 5.10% 4.90% 5.20% 5.20% 5.4%
AB24 6.60% 6.70% 6.40% 7.30% 7.4%
AB25 5.50% 5.30% 4.90% 5.60% 5.8%
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