August 2017 - Capital gains: Edinburgh remains home to highest rents in Scotland
Capital continues to boast highest rents
The Edinburgh and Lothians region is home to the highest rents in Scotland, with prices in the capital city and surrounding areas outstripping the rest of the nation.
Your Move Scotland found the average rent in the region was £662 per month during July, well above the second most expensive area - the Highlands and Islands, which saw average rents of £604.
At the other end of the scale, the East of Scotland continues to be the cheapest place to rent in the country. Despite containing a wide range of property types and housing the UK’s oil capital Aberdeen, the typical rent here is £541 per month.
There was little change to rents on a monthly basis, with every region seeing price changes of less than 1%. The Highlands and Islands region saw prices nudge up 0.4% month-on-month and was the fastest growing area. By contrast, prices in the Glasgow and Clyde region saw a 0.8% fall between June and July.
There are changes on the horizon for the Scottish rental market and letting agents are already preparing for the introduction of the Letting Agent Code of Practice in 2018. These rules are intended to increase professionalism in the sector and make sure that agents are able to handle money received from both tenants and landlords.
Ahead of the code of practice being introduced there will also be changes to new tenancies beginning from December 2017. All tenancies which commence from that point will be open-ended, meaning landlords will not be able to ask a tenant to leave after a fixed period.
This is intended to provide a more stable environment for tenants, but also sets out specific circumstances in which landlords can remove problem tenants from their properties.