At the end of April, available properties reached their highest level since June 2022. While this is not a surprise since this is the time of year when student properties come on to the market and we expect the number of available properties to rise, these latest figures will be welcome news for anyone looking for a new place to live in the private rented sector. Since July last year, the number of available properties on the market on Rightmove has not been above 600 until now. That’s the good news for prospective tenants in Edinburgh.
Digging a bit deeper into these latest figures, the number of available properties at the end of April was 20% lower than the same time in 2022. The total number of properties added to the rental market for the first 4 months of this year is down 10% on 2022. So not only are there fewer properties being added to the rental market this year compared to last, but properties are renting at a faster rate than last year, too.
These latest figures from Rightmove support the narrative provided by industry trade bodies that with 20 years of insufficient new housing being built and the recent introduction of anti-landlord legislation, the levels of supply of quality housing in the private rented sector is failing prospective tenants worse than ever before.
It’s pretty clear that the number of properties to rent in Edinburgh is going to continue to be well below what is required for the rest of 2023. If you are a property owner and considering renting out your property for the first time, please give us a call to discuss how easy it will be to get moving.