Double digit annual growth in Scotland’s main cities pushed the average property to rent in Scotland up 8.5% over Q1 2022. Despite the continued cost of living pressures, uncertainty in the wider economy and the outbreak of war on European soil, demand continued to outstrip supply in most locations keeping stocks constrained and Time to Lets low across the country.
The larger the property, on average, the steeper the rise suggesting larger family homes continue to be in very high demand and reflecting a student market operating to a more recognisable pattern than in recent years.
City growth outstripped surrounding counties underlining the enduring attraction of city living as threats of lockdowns receded even in the face of record high Covid numbers and businesses returned, at least in part, to their commercial premises as a place of work.
The average property in Scotland takes 20 days to let with just one week separating 1 beds (18 days) from 4 beds (25) underlining the broad church that is now Scotland’s PRS.
Our ‘mix-adjusted’ processes allow us to report on the whole market at national/city/regional level, in addition to by bedroom number. We only report on towns and intra-city postcodes where there is statistically sufficient data to safely do so. Collectively, we believe our processes keep the Citylets Report the freshest, most in depth and reliable on the market for key Scottish PRS metrics.