Seasonal lettings market update
Citylets have just published their quarterly rental market report and its Edinburgh section makes an interesting read. The upward trend of rent increases has continued in Q3 2019, rents rose by 3.6% on an average year on year – but the rent growth has slowed down significantly from 5.8% annual average based on the last 10 years.
The record high rents in Edinburgh
Currently the average rental property in Edinburgh is worth £1148 per month (from £810 for a 1 bedroom flat to £2009 for a 4-bedroom property). 3-bedroom flats appreciated most, by 6.2% year on year, while the rents for 4-bedroom properties in Edinburgh rose only by 0.3%. The other significant change is a significant increase in time to let, to 27 days on average, from 19 days in Q3 2018. 1-bedroom properties were letting the fastest – 20 days on average, while 4-bedroom properties were on the market over twice as long, 41 days on average.
Edinburgh rental market snapshot
| Average rent | Rent change YOY | Time to Let TTL, days | TTL change YOY, days | |
| 1 bed | £810 | 3.7% | 20 | +3 |
| 2 bed | £1054 | 2% | 27 | +6 |
| 3 bed | £1480 | 6.2% | 39 | +10 |
|
4 bed Average |
£2009 £1148 |
0.3% 3.6% |
41 27 |
+12 +6 |