Scotland has witness a continued rise in demand for rental properties, with prices increasing slightly at the end of the summer due to restricted to supply in popular areas, according to Your Move Scotland.
The average Scottish rent (not seasonally adjusted) was £579 in August 2017, compared to the £575 recorded last month and 0.5% higher than the same month in 2016.
Rental prices continued to rise in most areas of Scotland during the last 12 months. On a non-seasonally adjusted basis the average rent was £579 per calendar month in August, 0.7% up on last month and 0.5% higher than a year ago.
Rents grew in four of the five Scottish regions surveyed – East of Scotland, Edinburgh and Lothians, Highlands and Islands and the South of Scotland. The Glasgow and Clyde region was the only region to post a year-on-year fall, dropping 4.1% in the 12 months to August.
Edinburgh and Lothians remains the area with the highest rents. The average price in the capital city and surrounding area was £666 this month, a total that is 4.1% higher than in August 2016.
In comparison, the East of Scotland region which was home to the lowest average rent. The typical price paid per calendar month was £540 in August, although this is 2.5% more than a year ago.
Brian Moran, lettings director at Your Move Scotland, said: “Rental prices are increasing across much of Scotland thanks to high levels of demand and poor supply in many areas, with particular strain in Edinburgh which saw prices rise by 4.1% over the year.
“Scottish landlords continue to see returns of close to 5%. It’s crucial that all landlords in Scotland start to prepare for the changes on the horizon such as Letting Agent Code of Practice which is due to commence in early 2018.
“Landlords should be talking with their agents now to make sure they are prepared for the changes and understand what it means for them, sooner rather than later.”