Rental demand continues to outstrip supply as flats to rent in Edinburgh are being let at record speed, according to figures published recently by Lettingweb.
The average time to let out a flat rental during Edinburgh in September and October this year is 13 days, down 63% from 35 days in the same period in 2010.
Steve Tigar, Operations Manager at Lettingweb, said: “It’s been well documented that the local private rental sector has enjoyed a boom recently, but some news that’s received fewer headlines is the rate at which rental properties are being snapped up. Our figures show that tenants are now facing stringent competition for rental properties, while landlords and agents will welcome the opportunity to maximize the occupancy of their properties.”
The short shelf life of residential rental properties is now forcing tenants to act quickly and decisively, as last month’s demand outstripped supply at a rate of over 2:1 in the Scottish rental market. In September, a 2 bedroom rental flat in Edinburgh was let in 8.6 days, the shortest timeframe so far this year.
A further indicator of the speed at which property is moving is the surge in demand for Lettingweb’s text alerts. The number of these text alerts sent out, which instantly inform tenants of the availability of suitable properties, has doubled since this time last year.
Though these market conditions would suggest that rental prices should soar, this has not been the case, as the average rental value has remained relatively static. The largest increase in rental value from this time last year has been for two bedroom flats in Edinburgh, rising 2.4%, which is lower than the UK inflation rate.
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.
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