The Scottish rental market has made a strong start to 2017, with growth across many regions compared to the same point in 2016, according to Your Move Scotland.
The average property north of the border now lets for £571 per calendar month, Your Move Scotland found – up 4% on the £548 recorded a year ago.
The Edinburgh and Lothians region dominated the Scottish rental scene once again this month. Prices in the capital and surrounding areas grew faster than any other part of the country in the last year, Your Move Scotland found.
Prices in this region increased by 3.3% in the last 12 months to reach £648 in January 2017. However they were absolutely at month-on-month.
The next highest rents were to be found in the Highlands and Islands region. While rents in this area stood at £584 in January, they are 4.3% lower than a year ago – the biggest faller during that period. However, they did grow 0.6% between December and January.
The only other region to post a year-on-year fall was Glasgow and Clyde where prices have ticked down 0.9% since January 2016. Properties in this region now rent for an average of £566.
The cheapest place to rent continued to be the East of Scotland. Properties in this area now let for £533 per month, 1.3% higher than a year ago and up 0.4% month-on-month.
Finally, in the South of Scotland, rents grew by 2.7% in the year to January. Properties in this region are now on the market for an average of £555 a month.
Across the whole of Scotland the average rent stood at £571 in January 2017, this compares to £573 last month. A year ago the average rent in Scotland was £548.
Brian Moran, Lettings Director, Your Move Scotland, said: “It was a strong start to the new year for many landlords across Scotland as rents continued to perform well. Edinburgh and Lothians is the best performing region with prices growing faster than anywhere else in Scotland.
“Despite new government rules which cut tax relief on buy-to-let properties making business more complicated for landlords, yield levels have remained strong in the past 12 months.
“Yields are exactly the same as a year ago and suggests the Scottish rental market continues to attract quality investment into its housing stock.”
