As highlighted at Q4 2020, Edinburgh has suffered more than most through its standing as an international city for work, study and leisure. The long expected decline in rents, with accompanying increase in TTLs, arrived in Q1 2021 with falls across the board. The average property to rent in Edinburgh fell 6.9% year on year (YOY) to £1063 per month. Demand for larger family homes did not offset the collapse of HMO enquiries resulting in 3 and 4 bed properties falling most at 6.1% and 17% respectively. However, with the easing of restrictions, it is likely these markets will recover relatively quickly but with pressures on 1 and 2 bed markets remaining until the holiday market returns. Oversupply of smaller properties will likely persist deep into 2021 with a muted international tourist season, though perhaps tempered to some degree by increased demand from domestic staycations.