Where in Scotland is rent rising the fastest as three cities make UK-wide list


The UK cities with the fastest rising rent have been revealed in a Zoopla report and three Scottish cities have made the top 15.

In Scotland, rents have increased by almost five percent (4.8 percent) in a year and the average monthly rent is £639.

Glasgow was the highest Scottish entry at number six, whilst Edinburgh came in at number 10 and Aberdeen made the list at number 15.

Zoopla measured how much rent increased from December 2020 to December 2021 in its newly released quarterly rental market report.

Across the UK, the average monthly rent has hit a new high of £969 – £62 pcm higher than at the start of the pandemic.

In a blow to renters, the property website reported that the average annual UK rental growth has reached a 13 year high and average rents are up nearly 12 percent over the last five years.

The fastest rising rents in Scotland

Looking over the city of Edinburgh at dusk from Calton Hill, Scotland.
Renters in Edinburgh are paying the highest monthly rent – £974

Zoopla’s report found that rents have risen in every region of the UK, but the lowest rise was in Scotland.

Rent in the UK increased by 8.3 percent on average and as much as 10.2 percent in Northern Ireland.

In comparison, Scotland’s average rent rose by 4.8 percent.

The price of rent in Glasgow rose the highest in Scotland (9.5 percent), making the average rent £711.

Next on the list was Edinburgh where rent increased by 7.2 percent with £974 as the average rent – the highest in Scotland.

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Aberdeen made it to the bottom of the UK top 15 list as rent rose by two percent with the average rent sitting at £577.

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The overall UK rental trends

As the cost of living crisis squeezes households, Zoopla found that the rental market is increasingly competitive – and scarce.

Zoopla found that demand for rental properties in January was 76 percent higher than in the same period between 2018 and 2021.

Also, the supply of rental properties currently available across the UK is 39 percent lower than the five year average around this time of year.

“Rents have risen sharply in recent months, amid a backdrop of rising living costs, Zoopla’s Head of Research, Gráinne Gilmore, commented.

“But it is important to point out that in terms of rental affordability, in most markets rents are still close to the 10-year average.”

She added: “As demand continues to outpace supply, there will be further upward pressure on rents, but affordability considerations will act as a brake on large rises.

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“In addition, the January peak in rental demand will start to ease in the coming months, putting less severe pressure on supply, which will lead to more local market competition, and more modest rental increases.

“The flooding of rental demand back into city centers thanks to office workers, students and international demand returning to cities means the post-pandemic ‘recalibration’ of the rental market is well underway.”




www.dailyrecord.co.uk

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George Holan

George Holan is chief editor at Plainsmen Post and has articles published in many notable publications in the last decade.

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