Race For Space | Issue 55

Race For Space
  • Pent up demand rises to meet supply
  • Scotland average rises 5.4%
  • Buoyant Glasgow market sends rents up 4.7%
  • Increased demand for 3 and 4 bed homes
  • Renters keep faith in Scotland's main cities

Scottish Monthly Rent Analysis Q3 2019-Q3 2020

Widely anticipated pent-up demand was released at the start of Q3 which saw tenants take up their leases or begin their property search in earnest. Traffic to Citylets platforms was materially above average over the whole quarter and historically high levels of stock returned to normal with some markets rapidly overshooting to unseasonably low levels.

Indeed, the Scottish PRS was already in motion before the official end of lockdown on June 29th in so far as material volumes of properties were being taken off the market in advance of physical moves, and facilitated by an accelerated growth in technology that allowed many tenancies to be agreed without any direct contact between agent and tenant.

Scotland Average Stock Levels


Average Rent (pcm) by Number of Bedrooms

Average Time To Let (TTL) by Number of Bedrooms

Citylets Rental Index - Scotland

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 122.9 129.1 127.3 123.6
2020 125.7 130.9 134.1  

Market Composition

Households: Rented

Adrian Sangster

Adrian Sangster - Aberdein Considine

“The rental market throughout the Scotland continues to perform strongly despite the wider issues affecting the country. In particular we have seen increased demand for family homes in smaller towns and rural areas. I believe this may be a reaction to months of lockdown and people looking for more space. At the other end of the market we have also witnessed increased demand for one beds in university towns and cities from students looking for sole occupancy. Previously they would have been expected to be in halls or sharing HMO’s with other students. These examples show how flexible and adaptable the private rented market is and how it remains such an important provider of housing in this country.”

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