Stock levels in Scotland plummeted 65% over the quarter and prospective tenants have reported unusual difficulty finding a home to rent
A surge in demand for property to rent in Scotland has sent available stock levels down nearly two thirds in just 3 months, according to Citylets, the Scottish portal for rental property which has published its Q3 review of the market.
The report calls the present market conditions a ‘Demandemic’.
What began as a resurgence of tenant demand late in the second quarter of 2021 quickly evolved into what many letting agents in Scotland have described as simply the strongest and most sustained period of lettings activity on record.
Stock levels in Scotland plummeted 65% over the quarter and many prospective tenants have reported unusual difficulty finding a home to rent.
Commentating on the latest report, Gillian Semmler, Communications Manager at Citylets said: The ramifications of the health pandemic, amongst many other things, have now seen nothing short of a ‘demandemic’ in the Scottish rental sector.
Gillian said: Stock levels have declined dramatically in a very short space of time and struggle to keep up with unrelenting demand from tenants in all walks of life. Getting a residential property to rent in many areas of Scotland has pivoted abruptly from abundant choice to slim pickings.
Major cities, satellite towns and rural locations all posted positive annual price growth of up to more than 10%.
Larger properties, in general, continued to fare best with 3 and 4 beds posting annual growth of 8.4% and 5.8% respectively driving the Scottish average up 4.7% Year on Year (YOY) to a new all time high of £906 per month.
The pace of the market accelerated dramatically, down 14 days on average for Scotland-wide average Time to Let (TTL) of just 27 days. 3 and 4 bed properties in Glasgow and Aberdeen let a full 3 weeks faster than last year.
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