Property to rent in Edinburgh rose on average by 1.6% ending its run of rental retraction over the 5 previous quarters to now emerge at a new all time high. The market for 1 and 2 beds still remain in modestly negative territory YOY, however it seems likely that the oversupply from the short term holiday market has now been absorbed by demand which may begin to exceed supply sending rents higher again in future quarters. The average property in Edinburgh lets for £1157 per month and takes 30 days to let, down 16 on last year.
“The pandemic initially created an oversupply of stock in Edinburgh in some locations, which in turn led to deflationary pressure on rents as the market adjusted. This oversupply is now filtering out and the market looks to be stabilising. As restrictions are eased and the world returns to what we are told is the “new normal”, we have seen a spike in activity both in the student and professional sectors, with good quality properties letting fast. Our expectation is the downward pressure on rents we saw last year and in the first half of this year has now ended. We expect TTL figures to drop and rents to recover, as long as there is not a return to restrictions in the winter.”
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