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2018 Rental Market Review

Harry Crombie
Since last month, we have received some fantastic data from our friends at Citylets.co.uk and Lettingweb.com, both of whom are Edinburgh’s top property portals specifically geared towards rental properties in Edinburgh and nationally.
In brief, we have seen another year of solid growth in Edinburgh, with average rents in Q4, 2018 up 7.8% on the same period last year, sitting at £1095pcm., Though average the Time to Let remains at 23 days.
In the previous 3 months, Q3 2018, where we traditionally see most demand, average rents had hit a peak in Edinburgh, at £1107pcm. 1-bed flats were at their highest at £780pcm and 2 beds, £1033pcm.As the capital city, Edinburgh naturally remains the highest, though Nationally, the market has been strong with average rents in Scotland up 5% on last year, and up 13.7% in the last 5 years.,This despite the downturn in Aberdeen.
Aberdeen, from its peak in Q4 2014, has struggled.,There had been some slight growth from Q1 to Q3 last year, though Q4 has seen the market quieten down and remains 5.3% down on the same time last year.,We are hoping that the first 3 Quarters of 2019 sees some renewed growth in the market though.

Edinburgh has exceeded all expectations and continues to thrive.,Taking 2008 as a base, the market has grown 46.6% in 11 years. 1-bed and 2-bed properties always remaining strong, but demand in the family market for good quality homes has pushed the 3, 4 and 5+ bed market to all-time high levels as well.Murray & Currie are delighted to announce that we are achieving rent levels on average, above those of the city (according to Citylets.co.uk and Lettingweb.com).,Next month, we will have a more in-depth look at this, with our comparison tables on this.,Watch this space!If you would like to discuss rental levels, overviews of the market or trends, please contact our Research & Strategy specialist, Harry Crombie on 0131 226 5050 or harry@murrayandcurrie.com.