Scottish Monthly Rent Analysis Q4 2016-Q4 2017
Another quarter passes yet again heralding a new era with Q4 2017 marking the arrival of the new Private Residential Tenancy (PRT). With the official template being made available in November, it would be understandable that agents’ minds may be elsewhere. Negative annual growth at the national level recorded in Q3 2017 has however continued with the Scottish average now standing at £734, down 0.7% YOY. Whilst this represents an increase in the rate of annual decline, it would be too early to confidently conclude whether this is the beginning of a new trend at the national level which, as usual, is determined materially by the growth and decline in the central belt and Aberdeen respectively. All 4 main cities recorded a seasonal dip in Q4 down from their previous Q3 averages however this is common at year end, the slowest time of the year.
Average Rent (pcm) by Number of Bedrooms
Average Time To Let (TTL) by Number of Bedrooms
Citylets Rental Index - Scotland
Andrew Meehan - Rettie & Co.
“Strong demand for accommodation in Edinburgh and Glasgow will likely continue to support the rental market 2018. A key factor to watch will be how the PRT impacts the rental sector, and whether increased tenant security and the removal of ‘no fault’ grounds will materially impact market operation. The festival rental market in Edinburgh will also be a key topic in 2018, as landlords seek to work around the restrictions of the PRT, and with the Scottish Government also considering possible restrictions on Airbnb. A final hot topic will be Rent Pressure Zones (RPZs).”