South Lanarkshire is one of the most buoyant buy-to-let markets in Scotland with the rental market growing by almost 9% in the past five years.
Edinburgh has seen the biggest growth since 2013, with the market expanding by 33.2% and average monthly rents peaking at £1095 in December, while Glasgow also experienced a double-digit upturn, growing by 25.4%.
Aberdeen was the only city where the rental market contracted, by 30-4% during the same period, 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.
The average rental charge in South Lanarkshire is now £577, compared with a national average of £771.
One and two-bedroom flats remain the most popular while the average time to let (TTL) dropped slightly in 2018 to 33 days. One in five properties are now let within a week with one-bedroom flats renting quickest.
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/