Life is tough for tenants searching for a new home
In our last Edinburgh rental market update we had hoped that the number of available properties on the market would increase over the summer to ease the intensity in the market for tenants. However, looking at the data for July from Rightmove it appears that this has not been the case.
There has been quite a drop in available stock on the market since June. Stock levels looked like they were recovering over the winter months into June however it’s not great news for tenants that they have fallen again in July. This is making life very tough for tenants searching for a new rental home in Edinburgh.
3 months of sustained high lets agreed leads to depleted stock levels
Taking a look at a chart of lets agreed per month on Rightmove, we can see that monthly lets agreed were rising rapidly over the spring months but have plateaued since, holding out at the same level for the past 3 months. This pattern is different to the sharp spikes we saw in the summers of 2020 and 2021. With 3 months of high lets agreed activity, this is putting a more sustained pressure on stock levels, resulting in the depleting levels shown in the chart above.
There tends to be a secondary rush of tenant demand around late August/early September when students return to Edinburgh to find accommodation for the year ahead, after the summer break. Significantly this year there’s such a lack of stock on the market, these returning students are going to find life very tough with so little available accommodation to choose from. This is good news for landlords with a property on the market, with increased competition leading to rising rents, but a difficult market to navigate for these tenants looking to find themselves a new home.
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