This is such a hugely diverse economy from one area to another, so with the Belvoir report, we ask the individual office to feedback on what’s happening – and as you can see rents are going up, down and staying the same!
Dundee
Nick Horan of Dundee confirmed rental increases for all properties with demand remaining static during Q3 2020. Over the coming quarter, rents and demand are likely to remain unchanged. Dundee has a shortage of one, two and three bed properties.
Edinburgh
According to Lisa Conquer of the Edinburgh office, during Q3 2020, rents remained unchanged across the board, whilst tenant demand increased for all properties due to previously following a stricter lockdown. It is anticipated that over the next quarter, rents are likely to decrease due to the winter period and a potential stricter lockdown which could result in properties taking longer to let and rents being lowered. Demand is also predicted to fall as fewer current tenants are serving notice, suggesting people are not planning to move. Edinburgh is experiencing a shortage of four and five bed houses as there are few detached properties in Edinburgh City Centre but have an excess supply of flats.
Falkirk
For Q3 2020, Gillian Inglis of the Falkirk office confirmed increased rents and demand for all properties but expects rents to remain unchanged over the coming quarter, with demand increasing. The office is experiencing a shortage of one, two and three bed properties.
The Citylets index is by far one of the most comprehensive of all lettings’ indices, with fantastic historic and current data down to city level.
We have summarised their latest report, but between the Belvoir and Citylets data, information for landlords is all you need to keep up to date with what’s happening to rents in general versus your own portfolio or tenanted property.
Source: Citylets
This gives one of the best in depth reports on what is happening in the Scottish rental market, so for much more detail on individual areas, do visit the Citylets website.
In summary, rents in Scotland were driven higher in Q3 2020, led by double digit annualised growth for larger three and four bed properties. The increased demand for family homes in Scotland’s PRS in recent years seems to have been further enhanced by tenants seeking more room for anticipated sustained home working and/or more living and outdoor space over the course of COVID restrictions, and in the event of a return to full lockdown.
The Glasgow market experienced one of the most pronounced upticks in demand of all areas in Scotland, urban or rural, sending rents in Glasgow up a significant 4.7% in Q3 2020. Additionally, in Edinburgh, where excess stock was most prevalent, the large choice in some areas contributed to significantly longer TTLs disconnected from the usual material reduction in rents which eased in Q3, but only softly at minus 0.8 %.
However, Aberdeen continues to suffer and shows how the local economy impacts on the rental market – less so what’s happening nationally.
Source: Citylets
Also take a look at our latest comprehensive rental reports here:
For more information about the rental statistics, read our Appendix
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