The Glasgow rental market continues to operate at pace with very high demand relative to supply pushing average rents 8.9% higher year on year to £882, a growth rate that will be a concern to policy makers and the local authority. Glasgow stood alone amidst Scotland’s major cities again recording growth across all property (1-4 bed) types, however agents reported continued weakness in the upper end and corporate let segments in the city centre.
“We have found Q2 to be a bit of a mixed bag. As lockdown restrictions have continued to ease, we have found a higher demand for the more affordable properties, and demand has outstripped supply. Numerous tenants have been going after the same properties, allowing landlords to cherry-pick their tenants and see modest rent increases. On the other hand, executive/corporate lets and high-end properties have suffered longer TTL periods and some rental amounts have dipped, as companies continue to have staff working from home. To date, we have been surprised and re-assured that tenants have been able to maintain their tenancies with very little rent arrears.”
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