It has been widely reported that there has been a substantial increase in demand for rental properties in Scotland.
Glasgow is no exception with figures published today by Lettingweb showing that flats to rent in Glasgow have been let out in an average of 18.2 days over the last two months. In the same period in 2010 the average time to let a flat was a massive 158% more at 45.4 days.
The limited time a flat is on the rental market is forcing tenants to act much quicker and it is perhaps no surprise that average rental values have increased in line with this surge in demand, with flats in Glasgow costing 7.5% more to rent in Oct-Nov 2011.
Steve Tigar, Operations Manager at Lettingweb, said: “Our figures show that tenants are now facing much more stringent competition when seeking flats to rent in Scotland, whilst Letting Agents and Landlords are finding it easier to let their properties quickly.”
With the current economic conditions forcing more individuals into the rental market rather home ownership it is a safe bet that these recent trends will continue long into 2012.
Lettingweb.com is one of the UK’s most comprehensive residential letting property portals. Based in Edinburgh, Lettingweb.com offers nationwide coverage of the UK rental market, with thousands of properties to rent in Scotland, England, Wales and Northern Ireland. Lettingweb.com provides tenant enquiries, free landlord enquiries and resources to letting agents across the UK.
Tel: 0131 557 7757