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Latest report highlights Scottish rental needs

Wednesday, 3rd November, 2021

Latest report highlights Scottish PRS supply needs

 
Surge for demand in rental property across Scotland has decreased the supply by 65 per cent in just three months.
Ramifications of the COVID-19 pandemic contributed to a resurgence of tenant demand during late Q2 2021, quickly evolving into a unique period where demand for property to rent has been simultaneously high in all regions as outlined in the latest Citylets report.
 
Rental stock
 
Stock levels have declined dramatically, with residential property to rent in many areas of Scotland pivoting abruptly from abundant choice to slim pickings.
Major cities, satellite towns and rural locations all posted positive annual growth of up to more than 10 per cent.
 
Rental prices
 
Larger properties continued to be the most attractive with three and four beds posting annual growth of 8.4 per cent and 5.8 per cent respectively driving the Scottish average up 4.7 per cent Year on Year to a new all-time high of £906 per month.
 
Efficient housing needs
 
The Scotland-wide average Time to Let (TTL) decreased by 14 days on average, with a current trend for private developers choosing to build more student accommodation, despite the report highlighting how tenants are getting older and staying in properties longer – highlighting the need for more housing for growing families.




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