ISSUE 32: Spring 2013

Citylets report of trends in the Edinburgh rental market

Dan Cookson of Citylets provides statistics on the Edinburgh rental market.

Dan CooksonIn this issue we focus our gaze on the two bed flat which is the most popular property type for private tenants in Edinburgh and accounted for 46% of all new tenancies in the fourth quarter (October to December) of 2012.  The average monthly rent for a two bedroom Edinburgh flat now stands at £744 (Q4 2012) which is up 4.8% on the same period in 2011.  This jump in rent is significantly higher than the background level of inflation which is 2.7% and more than the growth seen across Scotland as a whole (£641 up 2.4%).  The chart below shows that rents have increased steadily and since Q2 2009 (£645) are up by 15.3% though it is worth highlighting that the Consumer Price Index (CPI) inflation figure has increased by 18.7% over the same period. In other words despite these rises rent levels have not kept pace with inflation.

Graph of rents for two-bedroom flats in Edinburgh

The simple average rental figure for Edinburgh does not show the full picture though.  Our map highlights the disparity in average rents for two bedroom flats across the city and show that the highest rent areas are West End (£1,026) and New Town (£947) where rents far exceed the city average.  It is also evident from recent research that it is generally the more expensive areas that have experienced higher levels of rent inflation over the year than the cheaper areas.  This is good news in some respects in that the private rented sector is remaining comparatively affordable, and it is certainly competitive which means property that is priced too highly will not let quickly.  Two bed properties took just 26 days to let in Q4 2012 which is one of the shortest time to let (TTL) figures we have recorded for this size of property in the city and suggests that there is certainly no let up in the demand for good quality, well priced private rental accommodation.

Map of average rents by area 2 bed flats

Citylets publishes maps of rent levels and TTL for 2 bedroom flats as part of its detailed rental reports which are published quarterly at: www.citylets.co.uk/reports

 

Back to top

For more information visit 
www.edinburgh.gov.uk/letwise
 phone David Ross on 0131 469 5061

 email insideletting@edinburgh.gov.uk

Until September 2010, Inside Letting existed as a printed magazine only.  You can view these printed issues in PDF format by clicking here.

Change text size

Online Poll

Do you use a letting agent to look after your property?
If yes is that agent a member of a professional body (e.g RICS) or a member of an accreditation scheme (e.g. ARLA/LAS) ?
 
www.edinburgh.gov.uk