We’ve learnt a lot from letting and managing properties within Quartermile and other prime new build apartments in Edinburgh we’ve developed a good understanding of how rents vary between these new developments and traditional properties within the same area. We thought it would be interesting to compare rents within some prime new build developments around the city and traditional flats in the same areas to see if there was a pattern.

Looking at the following charts there’s no doubt that New build properties (purple) perform much better than traditional properties (green) consistently across the city.

 Of course, there are plenty variables that will influence just how much of a rent differential there is between new build and traditional including the specification of properties and supply of properties.

Quartermile – The largest differential can be seen at Quartermile where the average 1 bedroom new build property achieves 89% more than a traditional property in the area. For 2 bedroom properties you can expect to achieve a whopping 103% more, on average for a new build property. This jump can be explained by the high specification of the Quartermile properties, the unbeatable Meadows outlook of many of the apartments, the on-campus location next to Edinburgh University and the fantastic amenities onsite within Quartermile. The development really is a massive success story.

Fountainbridge – a 10 minute walk from Quartermile is Fountainbridge which has seen a massive transformation over the past 10 years with 5-10 years of further development ahead which will completely reshape this part of town. Average rents for 1 bedroom properties increase 57% for new builds and 51% for 2 bedrooms. Developments at Brandfield and Springside have fuelled this uplift when compared to traditional flats around Grove Street and Fountainbridge itself.

Brunswick Road – Heading to the other side of town, Brunswick Road has seen a lot of development over the past 10 years with industrial plots including the Royal Mail sorting office being flattened in favour of high spec apartments. Comparing the newest CALA development with traditional properties within the street, 1 bedroom properties achieve a 51% rental uplift while 2 bedroom properties rent for 43% more.

Western Harbour – this part of Edinburgh has been undergoing development since the early 00s. 2 bedroom properties within the developments along the breakwater can expect an uplift of 60% compared to traditional properties in the area, with 1 bedroom new builds achieving 30% more than traditional flats. There’s a lack of 1 bedroom lettings in the area due to most of the new build properties developed as 2 bedroom apartments; I’m sure if there were more new build 1 bedroom properties available in the area they would achieve impressive rents and the uplift for 1 bedroom properties would be on a par with 2 bedroom properties in the area.

From analysing the uplift between new build and traditional properties in Edinburgh it’s obvious that a variety of factors influence the rent differential including location and specification. It’s clear to see that Quartermile has been particularly successful with a huge uplift compared to traditional apartments nearby while other new build properties in the city achieved closer to a 50% uplift in relation to their traditional counter parts.

What’s next? It would be helpful to break this analysis down further to a Rent/sqft basis to allow like-for-like comparison between new build and traditional property. While it’s easy to get a hold of floorplans for new build properties (so straightforward to calculate Rent/sqft) it’s not so easy to match up traditional properties that have let in the city (with accurate floorplans/measurements). However……we do love a challenge….. so this is something we’ll look to do over the coming weeks to provide further insights into the rental uplift between new build and traditional property around Edinburgh. Watch this space!