Scottish Monthly Rent Analysis Q1 2020-Q1 2021
The entry to 2021 may not have been the happy new year UK residents would have hoped for. However, within the wider context of such widespread and uncertain times the positive perspective of the property market remaining open will not have been lost to many. The rental market in Scotland operated throughout with unseasonally high activity in some areas as renters came to terms with the reality that working from home could be a feature of modern life for some time and as such the requirement to re-adjust the home environment, whether by location or size or access to open space.
The picture in the first quarter of 2021 was mixed with areas out-with major cities continuing to report strong demand relative to supply but within cities the seasonal student demand was simply absent. Additionally, mixed fortunes were reported by agents as regards students also vacating their leases for the current academic year. It is likely that Q2 will see noticeable uptick in student demand, and generally, as confidence grows for a sustainable return to life as near normal with optimism that students can take up their leases for the new academic year and the autumnal hiatus of 2020 will not play out for a second time.
Average Rent (pcm) by Number of Bedrooms
Average Time To Let (TTL) by Number of Bedrooms
Citylets Rental Index - Scotland
Karen Turner - Rettie & Co
“The rental market in Scotland remains strong. There is increased demand for family homes with outside space and out with the core city centre locations and city boundaries. We are seeing unprecedented demand with many properties going under offer subject to referencing with 48 hours of launch. This has largely been driven by the change from office to FWH. Edinburgh is still suffering from an oversupply of 1 and 2 bed flats from Airbnb, resulting in rents being pushed down and time to let increasing. Glasgow on the flip side is seeing properties let quicker and rents rising slightly. The investor market remains strong with appetite to invest increasing.”