Back To Black | Issue 68

Oil rig
  • Scottish open market rents rise 12.9%
  • Aberdeen posts 9.8% annual growth
  • Growth slows in largest cities
  • Average Time To Lets lengthen

Scottish Monthly Rent Analysis Q4 2022-Q4 2023

Activity in the Scottish PRS remained brisk throughout the final quarter of 2023, however with agents reporting recognisable seasonality for the first time in many quarters with demand softening towards year end. Whilst rents continued to rise substantively by historic standards, the rate of growth eased considerably in major conurbations which will be welcome news to tenants. Of note perhaps to would-be-legislators, associated Time To Lets (TTLs), often a precursor to further changes in rental values, also lengthened across the board.

Indeed, Aberdeen appeared to have completed its market cycle in Q4 2023 posting the strongest annual growth of all major cities at almost 10% which will be welcome news to landlords where rental values only now return towards the 2008 base for Citylets indices. The Aberdeen market has been a textbook case of self-regulation over any appropriate long term view.


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Scotland Average Stock Levels Q1 21 to Q4 23

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 122.9 129.1 127.3 123.6
2020 125.7 130.9 134.1 128.1
2021 128.1 136.9 140.5 134.7
2022 138.9 150.4 152.1 150.7
2023 156.1 167.6 172.9 170.1

Market Composition

Households: Rented

David Alexander

“Demand continued to outstrip supply across all parts of Scotland with Edinburgh and Glasgow experiencing record levels of activity. Rents across Scotland have continued to increase at record levels with the number of tenants per property vastly exceeding supply. The rent rises have been exacerbated by the emergency Cost of Living legislation introduced to control prices. Continued uncertainty over the detail of the Scottish Government’s future legislative plans for the private rented sector has made some landlords cautious but many are committed to remaining in the sector while returns are strong.”

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