Citylets have released their latest Quarterly Report (Q4 2018) including data up to the end of December so here’s an Edinburgh rental market update summarising the key highlights for Edinburgh landlords.
Edinburgh rents rise to record highs…..again – Edinburgh rents have risen consistently each quarter for over 8 years. Traditionally it would be expected for rents to slow into the winter months but incredibly more records were smashed with average rents rising 7.8% Year on Year (YOY) to £1,095pcm.
Properties of all sizes saw rent increases with 1 bedrooms jumping 8.5% YOY, 2 and 3 beds rising 7.5% and 7.8% respectively and 4 bedroom properties increasing by a monster 10.3% (just under 50% growth in 10 years!). The average Time To Let properties was 23 days (unchanged from this time last year) and over 70% of 1 and 2 bedroom properties let within a month of being added to the market.
Taking Scotland as a whole, average rents across the country continued to increase up by 5% year-on-year (YOY) to £771pcm.
‘Family Matters’ – Nationally, rents for 3 bedroom properties were up 7% YOY and 4 beds up 10.9%. According to Citylets, this rapid rent increase for larger properties is, in part, due to an increasing number of families living within the Private Rented Sector. It is estimated that 90,000 families now live in the PRS, making up a quarter of the market.
What’s happening at