Low available stock levels continue
Now that the summer is over, we’re reflecting on some very tough months for prospective tenants in Edinburgh’s private rented sector (PRS). Stock levels in Edinburgh on Rightmove remain at record low levels with only 489 properties available for rent on the portal at the end of August. It’s brutally tough for tenants with very few available properties to choose from and fierce competition for the properties that are available. We received 983 tenant enquiries for one property last weekend.
Available properties at 37% of previous level
When we look at the average number of properties available to rent from Sept 2021 – Aug 2022, there were only 583 properties available on Rightmove, on average at the end of the month. Compared to the previous 12 month period, Sept 2020 – Aug 2021, when there was an average of 1,566 available properties each month on the portal. The number of properties over the last year is only one third of what it was the year before.
More landlords & properties needed
It’s not hard to see why it’s been so difficult to secure a property in Edinburgh over the last year and, unfortunately, there’s not an end in sight for prospective tenants. There is an increasing challenge in the Scottish private rented sector (PRS) for supply of quality rental properties to meet tenant demand. Landlords are dealing with constant new legislation on the back of a focus from the government on a better deal for tenants, but nothing is being done to encourage more landlords or reward continuing landlords in the sector.
Better tenant rights in future, but nowhere to live
If the current legislative plans are well executed, future tenants in Edinburgh will be more aware of their rights and have better security of their tenancy than previous generations. They’re just going to struggle to find somewhere they want to rent.