The Edinburgh rental market is heating up as we head into the summer. At Umega, we’ve seen our time to let (this is the amount of time a property is advertised on the market before a let is agreed) come down every month of the year from 28 days in January to less than 15 days in May. Properties are moving almost twice as fast now as they were at the start of the year and this is because of increased demand from prospective tenants looking for new homes to rent.
KRYSTIAN KAWECKI , Umega’s very own lettings team manager and man with the finger on the pulse of what’s happening in the Edinburgh rental market, explains…
“Tenants are having to be more decisive and make quicker decisions due to the market becoming more competitive over recent weeks. This is a trend we expect to continue as we head into the summer months and it’s been reflected in our time to let stats that have reduced drastically compared to the winter.
Another consequence of this is rents are starting to rise again after they were static over the winter.”
This paints a familiar picture in Edinburgh where there are more prospective tenants looking and competing for properties than there are properties available. While this balance is slightly better than last year, it’s still going to be a very competitive summer market for tenants.