City Lets Reveal Huge Regional Variation
Tenants in sought after areas of Scotland are currently paying around three times more than people renting property in less desirable destinations, according to a recent City Lets survey.
The major variation is highlighted in the difference in cost between a two bedroom property in the scenic Park Circus location in Glasgow (£1,104), and the same kind of property in Johnston, Renfrewshire (£421).
High on the list of popular areas are Central Aberdeen and The West End New Town Edinburgh, where landlord’s enjoy an average rental yield of £1,009.
People looking for cheap rental accommodation in Scotland may be tempted by a move to either Kilmarnock or Motherwell, where a two bedroom flat can be let for under £500 per month.
The findings were based on a national survey of 50,000 properties. City Lets said that the list would provide excellent guidance to landlords who weren’t sure of what to ask for their rentals. Tenants could also check with the agency to ensure that they weren’t being fleeced.
Thomas Ashdown of City Lets said, ‘This is the first time that there has ever been an extensive breakdown of Scottish neighbourhoods, showing where the best and worst performing areas area in terms of rent levels. It is the most in-depth information about the Scottish rental market that has ever been produced’.
‘This is an important tool for landlords and tenants in Scotland. Not only will investors be able to see which areas achieve high rents, but would-be tenants will also be able to see how expensive rents in their area are’, Mr Ashdown went on.
There was nothing particularly surprising about the fact that rentals were so expensive in the Park Area of Glasgow, according to David Alexander, owner of DJ Alexander rentals.
‘I would totally agree the Park area is No 1,” he said. “These Georgian townhouses were originally houses which were turned into offices and then into flats. Whenever these are up for rent, they just run out of the door’, he commented.
Steven Currie, a leading expert on Private Rental Sector issues, was keen to reflect upon the increasing level of interest in Scottish properties to let. More and more people, on a variety of budgets, and with varying lifestyle expectations, are showing a willingness to rent, rather than buy.
Any landlords considering expanding their portfolios with properties in Scotland are reminded of the importance of Landlord’s Insurance. For some of the best deals available take a look at www.justlandlords.co.uk
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Sorry, the comment form is closed at this time.