Citylets have just published their latest Letting Market Update for Quarter 2 so here’s some key highlights we’ve pulled out specially for the Edinburgh letting market.
Record breaking rents…again! – Another month and another all-time rental high for Edinburgh in the second quarter of the year. The Edinburgh rental market is so hot with the average rent now £1,087pcm (4.8% year on year growth) and the average Time to Let (TTL) at 26 days (Umega Lettings’ average is 18 days !!).
1-bedroom properties make a great investment – 1-bedroom properties continue to perform well making them a fantastic investment option with a year on year rent increase of 6.3%. There’s a huge demand from professional tenants (often in couples) for this size of accommodation and a real lack of supply. We continue to source a lot of 1-bedroom professional lets within walking distance of the City Centre for investors as rental growth for this property size continues to increase upwards.
A sharp rise in rents for student properties – Edinburgh’s sterling performance recently has been helped along by a sharp rise in the price of 4-bedroom properties. The average 4-bedroom property now rents for just under £2,000pcm, a growth of 6.8% on the same time 1 year ago. These properties are letting super quickly, with an average TTL of only 20 days in Q2 as these properties were snapped up before students disappeared for their summer break.
Scotland – Looking at Scotland as a whole, rents continued to record positive growth in Q2 with rents increasing by 1.3% to an all-time high of £799pcm and the average property took just over 1 month to let (33 days). These figures reinforce just how strong the Edinburgh letting market is performing in relation to the rest of the country with average rent of £1,087pcm and TTL of 26 days.
The Edinburgh letting market continues to grow from strength to strength and we expect this to continue into the foreseeable future as Edinburgh strengthens its position as the best city in the UK to invest in residential property.