The rental market north of the border has seen a strong start to the year with the average property in Scotland now letting for £571 per calendar month, although this is marginally down from the £573pcm recorded a month earlier, fresh data from Your Move Scotland has revealed.
The latest figures found that average rents in January Scotland rose by 4% compared with an average of £548pcm 12 months earlier, led by gains in the Edinburgh and Lothians region which continues to dominate the Scottish rental scene. Prices in this region stood at £648pcm in January 2017.
The next highest rents were recorded in the Highlands and Islands region where prices stood at £584pcm in January, although this is down 4.3% year-on-year.
The only other region to post an annual decline was Glasgow and Clyde where prices have dropped by 0.9% since January 2016 to an average of £566pcm.
The cheapest place to rent continued to be the East of Scotland where homes currently let for £533pcm, 1.3% higher year-on-year.
“It was a strong start to the new year for many landlords across Scotland as rents continued to perform well,” said Brian Moran, letting director, Your Move Scotland. “Edinburgh and Lothians is the best performing region with prices growing faster than anywhere else in Scotland.”
He continued: “Despite new government rules which cut tax relief on buy-to-let properties making business more complicated for landlords, yield levels have remained strong in the past 12 months.
“Yields are exactly the same as a year ago and suggests the Scottish rental market continues to attract quality investment into its housing stock.”