Scottish rents climb 3.1% in a year
- Rents in Scotland now 3.1% higher than a year ago – as annual growth accelerates from 2.7% in May
- Takes average Scottish rent to new peak of £549 per month, after 0.8% monthly upswing in June
- Rents at regional records in more affordable parts of Scotland – East, South and Highlands & Islands
- Landlord’s total annual returns stand at 13.8% in June 2015, up from 9.5% a year previously
- Tenant finances still struggling, with 9.0% of all rent paid late – an increase from 8.8% in May
Rent rises are accelerating in Scotland, with typical rents now up 3.1% on last year, according to the latest Scotland Buy-to-Let Index from Your Move, one of Scotland’s largest lettings agent networks.
With rent growth building up pace, the average residential rent in Scotland has reached a new peak of £549 per month in June 2015. Scottish rent growth has accelerated to 3.1% in the year to June, up from 2.7% in May and just 1.6% in April. June’s figure represents the fastest year-on-year increase witnessed since April 2014, when annual growth stood at 3.5%.
There was also an upswing in rents on a monthly basis, rising 0.8% in June. While this represents a slight slowdown from the 1.0% jump in the month to May, over the preceding six months rents were climbing at a rate of only 0.1% per month.
Brian Moran, lettings director at Your Move Scotland, comments: “The volume has been cranked up in the Scottish rental market after a muted winter, and a much faster beat of rent rises is now audible. Rents are hitting all time local records in the parts of Scotland that have traditionally been more affordable to live, where rental prices are lower. "