Average PRS rents reach new record high

CityletsThe average private rented sector (PRS) rents in Scotland’s cities increased by 1.5% to reach a record high of £789 per month in the second quarter of 2017 as demand from tenants continued to exceed supply, according to new figures.

The latest index data from Citylets revealed that the increase was led by rent rises in Edinburgh and Glasgow and a slowdown of the fall in rent prices in Aberdeen.

Rents in Edinburgh increased 5.2% year on year to an average of £1,037 per month, while on the other side of the central belt, the Glasgow market continued its rise recording 5% annual growth to take rents to £755 on average.

Property to rent in Aberdeen, which has been affected by falling oil prices, decreased by 5.2% to stand at £788 per month. Last year the recorded price decrease was as much as 20%.

In other major locations around Scotland such as Dundee, West Lothian, South Lanarkshire and Renfrewshire, rents rose by around 1%.