Glasgow is a great place for landlords
Published by Daniel Jones
Glasgow could be the ultimate destination for prospective landlords, as rental properties in the city tend to be snapped up particularly quickly.
Figures from Citylets show strong demand is continuing to drive the rented sector in the Scottish city, with half of all homes available for rent now secured within a month of first being advertised, reports the Daily Record.
What's more, the average monthly rent stands at £618, potentially giving landlords a good chance to make a healthy return on any property they are able to rent out in the city. This figure is 0.5 per cent up on the same period in 2012.
Dan Cookson, senior analyst at Citylets, said: "Glasgow's most expensive post code was G12 - which covers the West End - where average rents jumped three per cent on 2012. But in terms of price changes, G4 experienced the biggest upturn with average rents increasing by 5.5 per cent.
"However, it was the city centre properties that were being snapped up quickest with the average time taken to let coming down by ten days."
July through to September is said to be the busiest time of the year for the lettings market in Scotland, so landlords might wish to expand their portfolios ahead of this period next year.
And it is not only in Glasgow where strong demand is fuelling impressive results in the rental sector. Average rents across the whole of Scotland are up by 1.5 per cent in the third of this year in comparison with the same spell last year.
More than 1.1 million people visited the Citylets website to look for accommodation in the three months from July to September.
The most expensive Scottish city to rent a home in is Aberdeen, where the average monthly income for a landlord is £1,002. This was the result of an 11.5 per cent annual hike, making Aberdeen a costly place for tenants.
- Landlord and Tenancy News from Lawpack: Get expert advice on your obligations as a landlord with Lawpack's Residential Lettings Guide
Published on: October 21, 2013
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