A shout out to Citylets for compiling their regular quarterly report with insights on the rental market for the 2nd quarter of 2019.
Record breaking rents ….again
Another all time high for average rents in Edinburgh, now £1,132pcm, up 4.1% in the past year. The biggest gain was for 4 bedroom properties which saw an increase of 6.2% in a year. Those student rents just seem to keep climbing with average rents at over £525/room, almost 60% more than they were 10 years ago; pulled upwards by those higher-priced 4 bedroom properties in Marchmont, Newington, the Old Town and around the New Town.
Time to let
Focusing on Time To Let (TTL), it’s 1 bedroom properties that are shifting the quickest at 25 days (in line with what we saw in Q1 2019) against an average of 28 days for all property sizes (2 days quicker than Q1). We’d expect TTLs to continue to drop into Q3 in line with the usual annual cycle and busy period around July-September which the chart below nicely illustrates.
Q2 at Umega
We’ve compared our own figures with Citylets’ numbers for Q2 and delighted to see that we’re seeing a similar picture in terms of our Time To Let for the period; good work lettings team. The average rent we achieved for 1 bedroom (65 properties let in Q2) and 2 bedrooms (93 properties) was over £100pcm higher than the Citylets figures, demonstrating the high quality of properties in our portfolio. Our 3 bedrooms (28 properties) were £44 lower than the Citylets averages while for 4 bedrooms (18 properties) we were £162 higher than the Citylets average.