Rents Remain At All-Time High
26 August 2015, 06:34
Rent rises in Scotland slowed last month but the average rent remains at an all-time high, new figures show.
Tenants were paying around £549 per month in July, remaining steady from June, according to lettings agents Your Move.
Rents in Scotland are now 2.8% higher than a year ago, however this slowed from 3.1% in the year to June.
The Highlands and Islands saw rents increase at the fastest rate over the year, jumping 5.4% since July 2014 to reach a record £568 per month.
Your Move Scotland lettings director Brian Moran said: "We've reached a tipping point in July. Rents in Scotland have been building to a crescendo so far in 2015, and rent rises have been quickening their step. Now we've reached a mid-point in the year, the rental market has clearly paused for breath.
"But while the overall momentum may have been suspended in mid-air, rents are at all-time highs, and not in the areas you might expect.
"With the severe squeeze on housing in the cities, households are casting their nets much more widely for places to live, which is driving somewhat of a renaissance in the more affordable areas of Scotland.''
Rents in the South of Scotland remain the cheapest but now stand at £513 per month after a 2.7% boost year-on-year, Your Move said.
In Edinburgh and the Lothians the typical monthly rent is now 1.8% higher than a year ago, while Glasgow and Clyde area has seen a 1.7% climb in prices.
The proportion of rent in arrears increased in July, up from 9% in June to 9.6% of all rent due in the month.