PRS Discovery | Issue 53

VandA
  • National rents up 4.1% YOY
  • Edinburgh rate of growth continues to decline
  • Glasgow breaks through £800 to average £803
  • Dundee posts strong 4.8% YOY rise

Scottish Monthly Rent Analysis Q3 2018-Q3 2019

With broadly the same and uncertain macro-economic environment persisting throughout Q3 2019 as the previous quarter, it is perhaps unsurprising the characteristics of the Scottish PRS were generally consistent. Rents rose 4.1% Year on Year (YOY) overall to stand at £821 per month on average and Time To Let (TTL) remained unchanged at 33 days. Larger 3 & 4 bed properties posted the strongest annual gains at 6.2% and 8.3% respectively driven in part by strong student demand throughout summer 2019 and reflecting new market dynamics introduced by the new PRT. Dundee posted the largest yearly gain of the major cities at 4.8% and continues its long and steady upward trend.

Scotland

Average Rent (pcm) by Number of Bedrooms

Average Time To Let (TTL) by Number of Bedrooms

Citylets Rental Index - Scotland

YearQ1Q2Q3Q4
2008 100.0 101.6 102.8 100.2
2009 98.8 98.1 99.2 97.7
2010 98.9 101.4 100.6 99.8
2011 100.3 102.8 103.9 101.7
2012 102.9 104.2 105.0 104.0
2013 104.7 107.4 106.5 105.1
2014 108.4 112.1 114.1 113.5
2015 116.4 118.1 117.4 115.7
2016 118.9 120.5 120.2 114.6
2017 119.1 122.3 119.7 113.8
2018 120.9 123.9 122.3 119.5
2019 122.9 129.1 127.3  

Market Composition

Households: Rented

Karen Turner

Karen Turner - Rettie

“Overall, the rental market continues to perform well despite political headwinds with 1 and 2 bed flats in high demand in the key areas of the main cities. Rents are holding up well with the Scottish market continuing to attract interest from investors south of the border who are looking to diversify, as well as international investors who are looking to take advantage of currency rates. This is especially true in the Edinburgh market. Year-on-year the main cities have shown rising rents and increased yields. Interest from renters continues to be strong which is down to the lack of supply being there to meet the demand, especially in core urban markets.”

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