Slight decrease in average PRS rents
Average rents in Scotland’s private rented sector fell in the final quarter of 2016 by 0.9 per cent on the year to stand at £739 per month, according to new figures.
Citylets reports that the vast majority of the national reduction can be attributed to Aberdeen where average rents fell by 15.4 per cent year on year to stand at £790 per month.
Average rents in Edinburgh and Glasgow increased by 3.6 per cent and 3.9 per cent year on year to stand at £984 and £728 respectively, while Dundee’s average rents posted a 4.7 per cent annual rise to stand at £597 per month.
Citylets added that a slight cooling in the increase of rents within the central belt also pushed the annual national average downwards in Q4 2016.
The pace of the national market remains virtually unchanged over the last year with 61 per cent of all properties let within a month, and with an average time to let of 31 days.
Thomas Ashdown, managing director and founder of Citylets, said: “In 2017, the private rented sector is now of unprecedented importance in Scotland’s housing mix and, overall, we see continued positive growth in major urban areas with the exception of Aberdeen.
“However, the figures suggest that the rate of decline for Aberdeen has stabilised at the reduced level of circa minus 15 per cent and indeed Time To Lets have also levelled out. This all indicates that rents in the city could start to level off and the worst of the boom/bust cycle is coming to an end.”