Glasgow is one of the most buoyant buy-to-let markets in UK with the rental market growing by 3.9% in the past year.
Edinburgh saw the biggest growth in 2018, with the market expanding by 7.8% and average monthly rents peaking at £1095, while Dundee also experienced an upturn with market growth of 4.7%.
Aberdeen was the only city where the rental market contracted by 5.3% year-on-year (YOY), largely as a result of continuing decline in the oil industry, according to the latest Citylets Quarterly Report for the last three months (Q4) of the year.
There are now 90,000 people living in the private rented sector (PRS) across Scotland, accounting for one in four households, according to the study.
Rents in Glasgow rose by 4.9% from the start of July to the end of September, up from previous growth rates of 1-2%. The average rental charge in the city is now £771, in line with the national average.
Leading the rise was demand for three and four-bedroom properties, at 7% and 10.9% respectively, while the average time to let (TTL) remained unchanged at 25 days. One-bedroom flats rented quickest, on average within 20 days of being advertised.
The gap between Glasgow and Aberdeen continued to fall, with the difference in average monthly rental charges now at just £56.
“Rents in Q4, 2018 eased from their Q3 highs as is traditionally the case in the final quarter of the year,” the report said. “All major urban markets, with the exception of Aberdeen, maintained their upward trajectory, propelling the Scottish average up by a material 5% YOY.
“2018 has been the most definitive year in the Scottish lettings industry for many years, with the introduction of the Register of Letting Agents and the Code of Practice. This has culminated in the lettings industry becoming much more respected and professional.”
For more information on buy-to-rent opportunities call your local Scottish property Centre branch or visit https://www.scottishpropertycentre.net/