06 Jul 2016

Cost of renting in Glasgow is rising by nearly £400 a year

Cost of renting in Glasgow is rising by nearly £400 a year

The cost of renting a property in Glasgow is rising at a rate of nearly £400 a year as the city's housing market continues to strengthen.

The cost of renting a property in Glasgow is rising at a rate of nearly £400 a year as the city's housing market continues to strengthen.

The average rent in Scotland's second city is now £710 per month, up 4.6% on the year, costing tenants an additional £370 a year.

The increase means that the average rent paid in the city has now increased by 22.4% over the past five years, adding £1,560 to the annual coast of leasing a property in the city.

One bed properties rising fastest at 8.8% year on year and taking just 26 days to rent, according to market analysis from Citylets.

How does Glasgow compare to other cities?

As expected, the Edinburgh market continues its charge towards the £1,000 average mark with rents up 6.6% on the year to stand at £972.

One bed properties rose a full 9.5% to stand at £678 on average. Properties let very quickly on average at just 23 days.

Average rents in Aberdeen have now fallen by more than 20% over the year, the steepest decline ever recorded in any Citylets quarterly report.

The typical property in Aberdeen now rents at £865 per month taking 53 days to let. Indeed average rents are now below that of 5 years ago so years of recent gains have already unwound over a relatively short period.

Dundee is also on the up recording 5.6% annual growth to now average £620 per month.

Glasgow property experts

If you are looking to buy, sell or lease property, Aberdein Considine can offer you the support of some of the most experienced property professionals in the country.

Following our merger with A&S Ireland, we now have four offices across Glasgow - including the West End, the City Centre and Glasgow Southside.

We are also an independent broker of buy-to-let mortgages and can offer home loans without any hidden fees.

If you would like to speak to a member of our team, call 0333 0066 333 or click here

* Your home may be repossessed if you do not keep up repayments on your mortgage.


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