Frustrated Home Buyers are Helping Rental Market Rise

Letting portal Citylets

Would-be homeowners struggling to purchase their first properties are helping to drive up Scotland’s rental market, according to the country’s leading lettings portal.

Citylets has revealed that rent levels across the country are continuing to rise and flats are being let out up to a week quicker than last year, as more tenants shun the property sales market in favour of renting a home instead.

According to the latest Citylets quarterly data report – which indicates how rent levels are performing in Scotland’s biggest cities – the average rental price in Scotland has risen by 3.3% over the past year to £654.

Over the past year, the average time taken for properties to rent across the country has also dropped by 7 days, indicating that there is now greater competition among tenants for rented property in Scotland.

The full story can be viewed on the Holyrood Partnership PR in Scotland website.