Young professionals 'driving Edinburgh rental market'

by Sarah Ashcroft

Edinburgh's rental market is being given a boost by the rising number of young professionals who are keen to find a home in the city.

A new report by found that there is a supply crisis currently engulfing the Scottish rental sector, with more properties being taken than those coming onto the market at the moment, reports the Edinburgh Evening News.

Indeed, it pointed to one-bedroom properties in Edinburgh as a particularly popular choice among those seeking to take out a tenancy, with the price of such abodes increasing by 4.3 per cent over the last year.

One trend that is said to be behind this is the "Bridget Jones effect", which sees a large number of young professionals choosing to stay single by living on their own into their 30s. These individuals don't want to be tied to a certain place through buying there, so they instead opt to rent.

Rob Trotter, senior property manager at DJ Alexander, said that it doesn't make any sense for people to buy if they're not yet sure where they want to live in the long term.

Ewan Foreman, managing director of Edinburgh-based letting agents 1LET, added that there has been a definite upturn in the market in recent times.

"I think it's fair to say that Edinburgh is second almost to London, and is right up there. It's becoming increasingly popular to invest in residential property. A huge percentage of these are buy to let," he explained.

Mr Foreman went on to note that the majority of properties are still rented to couples, but there is a definite swing towards singletons seeking their own space.

Another strong sign that the rental market in Edinburgh is improving is the fact that the average number of days it takes for homes to be snapped up has fallen from 18 to 20, while 80 per cent of all properties that go on the market are secured within a month.ADNFCR-1645-ID-801709369-ADNFCR

Published on: April 2, 2014

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