Rental prices see rise across Scotland
The Scottish rental market has seen a surge, starting the year off on a good footing, with average properties being let for £571 per month, reports the Property Reporter. New data from Your Move Scotland shows that prices have increased throughout the country, which is incredibly positive for landlords.
The capital is the area that has seen the biggest growth in property renting, with the Edinburgh and Lothians region experiencing a hike in the price of lettings. This area saw prices rise the fastest during 2016 compared to the rest of Scotland, according to Your Move's data.
Over the last 12 months, rental prices saw an increase in this area of 3.3 per cent, meaning they stood at an average of £648 in January this year. Despite this rise, rental prices were actually flat when compared on a month-on-month basis.
The Highlands and Islands region has the second highest rents, ending 2016 on a high with a 0.6 per cent growth rate between December and January. Rents in this region stood at £584 in January. However, this was actually a fall when compared to January 2016.
The East of Scotland continues to offer the cheapest rental prices at just £533 per month. Despite the fact that properties let for less than across the rest of the country, they still saw an increase in price of 1.3 per cent compared to last year, representing a 0.4 per cent month-on-month rise.
Rents in the South of Scotland saw a rise in January of 2.7 per cent, putting average properties on the rental market at around £555 a month, which is just below the Scottish average of £571. This average has seen an increase compared to the same time last year when it stood at £548.
While the increase in rental prices is a good thing for landlords, it is also worth noting that tenant arrears rose slightly following Christmas, with around 11.75 per cent of tenants being in arrears for a day or more throughout January.