Rents in Scotland have reached an all-time high, according to the latest Scotland Buy-to-Let Index from Your Move.
The average residential rent in Scotland now stands at £539 per month. This follows a 0.2% rise in the month to November.
However, on an annual basis rent rises are stabilising after a slowdown in growth. Average monthly rents across Scotland have climbed 2.2% over the past year, consistent with the annual growth recorded last month.
The east of the country saw the fastest rise in rents, up 1.1% (equal to £6) from October. Edinburgh & the Lothians was the only other area of Scotland to record a rise, with 0.4% growth taking prices to a record of £617 per month in November.
Christine Campbell, regional managing director of Your Move, said: “Scottish rents have been steadily edging forwards and despite only taking baby steps they reached a new pinnacle in November. Demand and supply are still out of kilter, and in highly sought-after employment and cultural nerve-centres like Edinburgh this overflowing competition for homes to let has topped up rent prices.
“But the outlook has shifted starkly from the start of this year and annual rent rises have been trimmed back to healthier levels, as usual market forces check the rate of growth. In real terms, average rents across Scotland are only 1.2% higher than they were a year ago.”
