Landlords in Edinburgh charging record high rents

by Daniel Jones

Edinburgh is now an increasingly expensive place for tenants to live, with rental demands made by landlords at an all-time high.

A report by the Edinburgh Evening News has outlined just how costly the Scottish capital is, with a huge gulf between the number of people who want to rent a home and the amount of properties that are actually available.

Steve Tigar, managing director of online rental site Lettingweb.com, said the "stark figures" are a reminder of the state of the market in the city at the moment, with results such as these having never been seen before.

The website revealed that the time it's taking to find a tenant for each property is falling, while the number of available homes dropped by 500 in November.

"This change cements our view that something very significant is happening. The flexibility of renting privately on relatively short-term leases which can be continued for many years, combined with the high quality of rental property available, makes renting an increasingly attractive option," Mr Tigar stated.

"This is true not just for the perceived core markets of students and young professionals, but also for families."

On average, a two-bedroom home in Edinburgh now costs more than £1,000 per month in some parts of the city. This is a direct result of supply simply not being able to keep up with demand.

Between September and November, 75 per cent of all properties offered by the website were rented out within a month, which is some way ahead of the UK's average rate of 60 per cent.

It also implies that Edinburgh is an ideal place for landlords to get their hands on property, as they can be confident of renting it out quickly - and for a healthy monthly income too.

Mr Tigar added that there is a significant structural problem in the housing market in Edinburgh and it's time town planners, house builders and politicians acted to resolve it.

Published on: December 13, 2013

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