Scottish rental market experiences growth in November
Scottish rents increased or remained stable in every region between October and November 2016, data from Your Move Scotland reveals.
The average property let for £569 in November 2016 with the Edinburgh and Lothians region continuing to boast the highest rents with a rent growth of 4.9% in 2016.
This region was closely followed by Glasgow and Clyde with an average rent of £577 a month and the Highlands and Islands where the typical property rents for £576.
The east of Scotland remains the cheapest place to rent a property in the country with an average rent of £529.
Brian Moran, lettings director at Your Move Scotland, said: “Edinburgh and the Lothians saw rents rise faster than anywhere else in Scotland, proving the property market continues to thrive.
“This level of rent growth is comparable with the top performing regions in England, which may tempt more investors to head north of the border.”
Across all of Scotland 10.8% of all tenancies had arrears of a day or more in November 2016, above levels in England and Wales.
The data also shows yields and tenant finances have remained steady since December 2016 with rental properties in Scotland returning 5% in January thus far.
Moran added: “Landlords and tenants will both be happy to see overall tenant finances improve and this shows the Scottish rental market is in a stable position at present.”
“Yields remain strong and above the level seen in most of England and Wales despite concerns about the wider economy.”