New research has shown that the cost of renting a private home in Scotland is now at record high, and the bad news for all those looking to move into rented accommodation is that landlords say that they will continue to rise next year as the cost of new legislation is passed on to unsuspecting tenants.
Soaring rental costs are pricing many Scottish families out of private accommodation with the average rent at an all-time high of £672. Aberdeen remains the most expensive place to rent in Scotland with the average monthly cost rising 2.6% to £899 over the past twelve months. It takes just twenty days on average to let out a property that is protected by landlord insurance in the Granite City. The average rent for a property in Edinburgh has increased by 1.4% to an average of £729.
Dan Cookson, analyst at Citylets, said “Aberdeen and Edinburgh both continue to be the most expensive places to rent as well as both having the lowest time to let in the country, which is a great sign that the only way is up for these cities. This year has seen the rental sector face some significant challenges, with both the introduction of the tenancy deposit scheme as well as the decision to ban all agency fees. It’s too early to see whether these changes will have an impact on our figures, but we will be monitoring it closely going forward.”
The latest figures come in a newly expanded rental report that will be unveiled on National Landlord Day. The report will highlight the role of the private landlord in meeting Scotland’s housing needs. Because of benefit cuts and rising rents, a growing number of people who do not qualify for social housing are also being priced out of the private market. It is a situation that can only lead to a housing crisis and private investors can hardly be blamed for taking advantage of market forces when they happen to swing their way.