Scottish rents continued to edge up in the first quarter of the year, the latest figures show.
The Scottish national average increased to £793 per calendar month, up 1.7% year-on-year, with the average property taking 37 days to let, according to the latest Citylets Report for Q1 2019.
Gillian Semmler, communications manager at Citylets said: “Scotland’s private rented sector operated broadly to expectation against the underlying political chaos defining the Q1 period.
“There have been indications of a slower moving market, especially in Edinburgh, but certainly not as marked as in other property or indeed business sectors.
“More choice for tenants in the capital sees more tenants taking time to view multiple properties before committing. As a result, average time to let has increased by three days.”
Property to rent in Edinburgh rose to a new record high of £1,115 per month against a backdrop of lengthening Time to Lets (TTLs), consistent with anecdotal evidence from local agents of tenants shopping around and taking advantage of the increased choice in the market.
Q1 2019 saw properties take 30 days to rent on average, three days longer than the previous year.
The rate of growth at 5% will once again cheer landlords and concern tenants however this is a lower rate of growth than previous quarters with longer TTLs hinting at a possibly softening market after more than 9 years of annual growth each quarter.
Tenants in Glasgow have also been reportedly shopping around before committing to a rental property.
Nonetheless, the figures for Scotland’s largest city remain stable with rents up a modest 2.9% to average £771 per month and TTL unchanged on last year at 31 days.
Three-bedroom properties rose a significant 8.6% on last year whereas four-bedroom properties fell, down 7.1%.
Volatility in the data for larger properties however is not uncommon given the lower volumes reported each quarter.
Glasgow’s main one- and two-bedroom property markets continued to post strong growth at 5.3% and 3% Y-o-Y.
Some 58% of all Glasgow properties are currently let within one month.
Falls in rent were reported for all property types in Aberdeen in Q1 2019 however at minus 3.5% growth Y-O-Y, the rate of decline continues to ease. With re-let times continuing to reduce it is fair to view the figures for Q1 2019 as positive overall for landlords in the granite city.
One-bedroom properties fared best across key metrics of growth (minus 2.5%), TTL (49 days) and 41% let within one month.
The average property to lease in Aberdeen now costs £710 per month and takes 54 days to let, four days faster than last year.
Dundee starts 2019 where it left off as rents continue to move upwards, albeit at a modest 1% YOY as at Q1 2019. The average property to rent stands at £620 per month and takes around a month and a half to let at 43 days.
As with other cities, the market data for Dundee was conflicting in part recording decreased rents for mainstream one- and two-bedroom markets but improved re-let periods. Rents for three- and four-bedroom properties continued to climb Y-O-Y.
Property to rent in West Lothian continues to enjoy good demand seeing averages rise once again, up 3.5% to £710 per month – same as the current average for Aberdeen.
The signs for this popular commuter belt region look positive for landlords with the time to secure tenants also notably falling to just over one month at 34 days.