Rental prices in Scotland remain higher year-on-year, new data shows
Rental prices in Scotland have fallen month-on-month, but remain higher than they were last year, according to the latest data that has been released this week by Your Move Scotland.
In its buy-to-let index for May, the organisation says the average rental price in Scotland now sits at £561 per calendar month. This means that prices are lower than they were a month ago in April, but higher than in May 2016.
Prices for renting Scottish properties have fallen by 2.3 per cent when compared to April, but have climbed once again, hitting 2.2 per cent higher than experienced by landlords in Scotland at the same time in 2016.
Your Move said it was major cities such as Edinburgh, Dundee and Aberdeen that have been helping prices grow when compared to last year, while the Highlands and other rural areas have also been good for the market thanks to the increase in people who are looking to relocate and move away from cities.
Overall, the best region of Scotland for rental prices in the past 12 months has been the south of the country, where Your Move Scotland said the price tenants pay has jumped by 8.8 per cent compared to May 2016. This was followed by the Highlands and Islands at 3.2 per cent, and Edinburgh, where prices rose by 2.6 per cent.
Surprisingly, Glasgow and the Clyde was the only region in Scotland that experienced a fall in the past 12 months as the market proved once again that it's as strong north of the border as it is in England.
"With the general election taking centre stage throughout May, it should come as no surprise that rents ticked down from their previous level. Prices in most areas remain above where they were a year ago, with growth coming across a number of areas," said Brian Moran, lettings director of Your Move Scotland.
"Tenants are drifting towards city centre living or completely rural life as it was these areas which saw the most interest during May. The Highlands and Islands saw prices rise sharply compared to last month while in the South rents are 8.8 per cent more than a year ago," he added.