The Scottish rental market in 2021 Q1

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12th May 2021

You can read the Citylets report from the last quarter of 2021 here.

In the latest Citylets report, which covers the first quarter of 2021, the average rent in Scotland remained steady at £826 per month, up slightly compared to £811 the same period in 2020. The average time to let across the country stood at 38 days, one day faster than the same period last year.

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Edinburgh flats

The trend however varies slightly across different areas in Scotland. Edinburgh has experienced a 6.9% decrease year-on-year in average rents, where-as Glasgow saw a 5.8% increase in average rents over the same period.

Despite these variances, given the uncertainty in the first quarter of 2021 and strict COVID-19 restrictions, the rental market has remained resilient.

Edinburgh rental market

Average rent in Edinburgh

According to Citylets, due to the increase in stock from holiday lets the average rent in Edinburgh fell 6.9% year-on-year to £1063. One bedroom properties were least affected with an average decrease in rent of 4.4%.

Time to let in Edinburgh

The average time to let in the first quarter of 2021 was 46 days, slightly above the national average of 38 days. 3 bedroom properties were let the fastest, at an average of 41 days.

Best rental yields in Edinburgh

Combining CityLets and ESPC data, we can reveal that 3 bedroom homes in EH11 produced the best rental yield at 5.7%, closely followed by two bedroom homes in EH17 at 5.5% and two bedroom homes in EH7 at 5.2%.

Nicky Lloyd, Head of ESPC Lettings, said: “The top postcodes for average rental yields clearly demonstrates a pattern that we are experiencing when talking to tenants. Properties out with central Edinburgh are proving popular due to their competitive rents and more space, however there is still a strong demand for properties within the city centre, in areas such as EH7.

Whilst average rents have decreased this quarter, they are still up 39% in the past ten years, showing the long-term investment potential the buy-to-let market can still provide. Looking forward to the next quarter as more restrictions ease, we expect more student renters to return to the city, which will hopefully bring positive demand to the Edinburgh rental market”.

Get in touch with Nicky to discuss the Edinburgh rental market.

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West Lothian rental market

Average rent in West Lothian

According to Citylets data the average rent in West Lothian increased 3.5% year on year between January and March to £744. Three bedroom properties showed the biggest increase at 4.3%, whilst one bedroom properties had a 1.3% decrease in average rents, telling a similar story to other areas of renters seeking more space in homes.

Time to let in West Lothian

In the first quarter of 2021, the average time to let in West Lothian was 17 days, much faster than the national average of 38 and 17 days faster than 2020. Two bedroom properties let the fastest at an average of 15 days with 44% of them letting within a week.

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Glasgow rental market

Average rent in Glasgow

According to Citylets data the average rent in Glasgow increased 5.8% to £838 during the first quarter of 2021. 4 bedroom properties experienced the largest increase at 24.8% year-on-year and an average rent of £1568 matching tenant demand for larger properties with space to work and live in.

Time to let

The average time to let was 31 days, faster than the Scottish average of 38 days and one day faster than 2020. Three bedroom homes proved popular with 24% of them let within a week and a decrease of 14 days to let, going from 44 days in 2020 to 30 days in 2021.

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Find out more

Read the full Citylets report.

If you’re interested in finding out more about the Edinburgh buy-to-let market or if you’re a landlord looking for assistance with managing and marketing your properties, get in touch with ESPC Lettings on landlord@espc.com or 0131 253 2487.

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