First time buyers struggling to get on to the property ladder are helping to drive up Scotland’s rental market, according to Citylets.
Research from the lettings portal suggests rents across the country are continuing to rise, while the typical time needed to let a property has fallen by up to seven days.
Average rent has increased 3.3 percent over the past 12 months to £654, with Edinburgh the best performing city and average rent for a one-bed flat in the Capital now standing at £520.
Citylets’ analyst, Dan Cookson, said: “We’ve seen two successive quarters where rental levels have grown while time-to-let figures have fallen – so it’s clear that Scotland’s private rental sector is responding to the growing demand.
“Tighter lending requirements and higher deposit requirements remain an issue for many people who cannot secure the necessary funds to purchase a property, so they are choosing to rent until they can make the step onto the ladder.”
The trend is expected to continue and Citylets expects its Scottish autumn rental index to hit record highs.
Recently LSL Property Services reported that UK rents rose an average one percent in June, compared with May, taking the annual gain to 3.2 percent, or £23 more than a year earlier.
