ABERDEEN has reclaimed its position as the most expensive neighbourhood to rent a home in Scotland, according to a leading lettings portal.
Citylets has revealed new data showing that Aberdeen’s West End has returned to the summit of Scotland’s list of rental hotspots – with tenants paying an average of £946 a month to rent a two-bedroom flat in the neighbourhood.
The West End is one of four neighbourhoods from across the Granite City that have been placed in the list of Scotland’s premium rental areas. Other Aberdeen areas in the top ten include Bieldside, Cults and PeterCulter (average monthly two-bed rent £833), Cornhill and Kittybrewster (average two-bed rent £810) and Holbun and Ferryhill (average two-bed rent £804).
Edinburgh neighbourhoods have also been placed highly in the list, with the capital’s New Town now the second most-expensive place to rent a property – with an average two-bed property costing £929 per month to rent. The city’s West End is ranked third on the list, where the average monthly rent for a two-bed property now stands at £899.
Although Glasgow has one area in the most expensive list – Park and Woodlands with an average rent of £796 – the city also dominates the lower end of the country’s rental market. Glasgow’s Govan and Ibrox district is currently Scotland’s most affordable area to rent a home, with the average monthly rent for a two-bed property currently standing at £426, while Johnstone and Parkhead and Tollcross are also listed among the country’s top three affordable neighbourhoods.
Other regions in Scotland’s most affordable list include Paisley (average monthly two-bed rent £461) and Falkirk (average monthly two-bed rent £464).
The hotspots were revealed after Citylets collated average rent levels in Scotland during the third quarter of 2011.
Dan Cookson, senior analyst for the Citylets Network – which includes major partner brands such as Findaproperty, S1homes and Primelocation – said that the strong rents in Aberdeen and Edinburgh showed how tenants were continuing their love affair with Scotland’s rental market.
He said: “The rental sector continues to perform strongly and it is clear that more people in Scotland are choosing to rent a property rather than purchase a home of their own. Rents not only remain high in many of the country’s premium neighbourhoods, but there is strong demand among tenants for these properties that shows no sign of abating any time soon.
“Aberdeen and Edinburgh are once again the most popular and most expensive places to rent a property, although certain neighbourhoods in Glasgow are also performing strongly. However, it’s no surprise to see the capital’s New Town and Aberdeen’s West End topping the list of most desirable neighbourhoods to live in, as tenants are willing to pay a high price to secure a good quality rental property in these areas.
“Further down the scale, however, it’s important to note that there are also many areas in Scotland where renting is most affordable. Glasgow’s Govan and Ibrox district is the least expensive place to rent a property, while Paisley, Falkirk and Dunfermline are also among the most affordable neighbourhoods.
“In recent years, there has been a definite shift from the property sales market towards the rental sector – with many people choosing long-term renting over buying a property. While a large number of tenants will be renting because they don’t have the necessary savings required for a deposit to put down on a property of their own, there are many others who prefer the freedom of renting rather than the hassle of home-ownership.
“However, while some tenants are happy to pay a high price to secure a rented home in one of Scotland’s most desirable neighbourhoods, there are also many affordable areas across the country where tenants are happy to pay a lower price to rent a property.”
The most expensive areas in Scotland in terms of rent levels are:
- West End (Aberdeen) – £946
- New Town (Edinburgh) – £929
- West End (Edinburgh) – £899
- Hillside & Calton (Edinburgh) – £847
- Bieldside, Cults & PeterCulter (Aberdeen) – £833
- Cornhill & Kittybrewster (Aberdeen) – £810
- Grange (Edinburgh) – £807
- Holbun & Ferryhill (Aberdeen) – £804
- Park & Woodlands (Glasgow) – £796
- Bruntsfield (Edinburgh) – £793
(All values indicate average monthly rent for a two-bed flat)
The least expensive areas for monthly rents are:
- Govan & Ibrox (Glasgow) – £436
- Johnstone (Glasgow) – £443
- Parkhead & Tollcross (Glasgow) – £460
- Paisley – £461
- Falkirk – £464
- Rutherglen & Cambuslang (Glasgow) – £479
- Shettleston & Carntyne (Glasgow) – £481
- Dunfermline – £481
- Ayr – £482
- Yoker & Scotstoun & Whiteinch (Glasgow) – £482
(All values indicate average monthly rent for a two-bed flat)
www.citylets.co.uk was launched in 1999 and is Scotland’s most successful lettings portal. Its quarterly report is the country’s only detailed and independent barometer of the rental market, based on over 50,000 annual lettings from more than 300 agents. It is now a respected tool among investors, landlords and letting agencies.
The next Citylets quarterly data report, showing the rental figures for Scotland during the final quarter of 2011, will be published in January.
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