The Edinburgh rental market is dynamic and ever-changing. The trends from 2022 to 2024 illustrate a market that has responded to various pressures and is currently in a phase of growth and stability. Both renters and landlords can benefit from understanding these trends, ensuring they make informed decisions based on the current market conditions.
The market has shown interesting trends over the past few years. As we delve into the data from Rightmove, it’s evident that the dynamics of available rental properties and the number of properties added to the market each month have been shifting. Let’s take a closer look at what the numbers are telling us from the start of 2022 to the present in 2024.
2022: A YEAR OF SUSTAINABILITY AND SEASONAL TRENDS
In 2022, the rental market in Edinburgh experienced a steady rise in available properties from January through June, peaking around mid-year before experiencing a decline in the latter months. The number of available rentals fluctuated between 450 and 750, highlighting a relatively stable but seasonal market. This trend was likely influenced by typical market cycles, with more properties becoming available during the spring and early summer months, a common period for tenant turnover and relocations.
The number of properties added to the market each month in 2022 also followed a similar seasonal pattern. There was a significant increase in new listings during the spring, peaking in May, followed by a gradual decline through the rest of the year. This indicates a strong supply response during peak rental seasons.
2023: A YEAR OF VOLATILITY AND ADJUSTMENTS
The year 2023 marked a significant departure from the previous year’s stability. Starting with a similar number of available properties as 2022, the market saw a dramatic dip in available rentals by July, reaching a low point of around 400 properties. This sharp decline could be attributed to several factors, including an increase in demand for rentals and possibly fewer new properties coming onto the market.
The number of properties added to the market in 2023 peaked in May, similar to 2022, but the overall number of new listings was slightly lower, particularly in the latter half of the year. This reduction in new listings may have contributed to the mid-year decline in available rentals, exacerbating the competition for existing properties.
Interestingly, from August onwards, there was a robust recovery, with the number of available properties climbing steadily to reach approximately 900 by December. This rebound might reflect a rush of new listings and possibly a response to the earlier shortage, as property owners and developers adjusted to the increased demand.
2024: A YEAR OF CONSISTENCY AND GROWTH
As we move into 2024, the rental market appears to be on a consistent upward trajectory. Beginning the year with more available properties than in the previous two years, the numbers have continued to rise, peaking around 950 by mid-year. This trend suggests a healthier balance between supply and demand, with more properties entering the market to meet the needs of renters.
The number of properties added to the market each month in 2024 has also shown a steady increase, with a notable peak in May similar to previous years. However, the overall volume of new listings is higher than in 2023, indicating a more robust supply.
WHAT DOES THIS MEAN FOR RENTERS & LANDLORDS?
For renters, the increase in available properties in 2024 means more options and potentially better bargaining power when negotiating rents and lease terms. It also suggests a less competitive market compared to the low points of 2023.
For landlords, while the increase in available properties might seem daunting, it reflects a robust and active market. Landlords should focus on making their properties as appealing as possible to attract tenants, considering the higher number of choices available to renters.
At Umega, we’re committed to supporting landlords with expert advice and comprehensive property management services. If you have any questions about the market trends or need assistance with your rental properties, don’t hesitate to contact us.
Stay tuned to our blog for more updates and insights into the Edinburgh rental market!
