Rental Property Hotspots – Scotland’s rental property hotspots have been revealed for the first time in a new report from the country’s leading lettings portal Citylets.
Rental Property Hotspots – Citylets has unveiled data showing the locations of the ten best-performing rental areas in Scotland, as well as the neighbourhoods that are achieving the lowest average rents in the country.
The figures show that the most expensive area to rent property in Scotland is the Park district in Glasgow, where the average monthly rent for a 2-bed flat currently stands at £1104, compared with the national average 2-bed rent of £606. The area narrowly beat Aberdeen’s West End (average monthly 2-bed rent £1079) and Edinburgh’s West End (average monthly 2-bed rent £1029) to take the top spot. At the lower end of the country’s rental market, Johnstone in Renfrewshire has been revealed as the Scotland’s least expensive area to rent property – with the average monthly rent for a 2-bed property currently standing at £421. Other areas at the bottom of the list include Glasgow’s Shettleston (average monthly 2-bed rent £428) and Kilmarnock (average monthly 2-bed rent £440). The hotspots were revealed after Citylets collated average rent levels in Scotland during the beginning of 2010. The lists of best and worst performing areas are now being including in Citylets’ quarterly data reports – which are the country’s only detailed and independent barometer of the rental market, based on over 50,000 annual lettings from more than 300 agents.
Thomas Ashdown, the entrepreneur behind the Citylets Network – which includes major partner brands such as Findaproperty, S1homes and Primelocation – said that the stats would help provide even more clarity over the performance of Scotland’s rental market. He 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. “By adding this information Citylets’ extensive quarterly data reports, we will be able to provide the most comprehensive overview of Scotland’s rental market, give more clarity about rent levels across the country and cement our position as the country’s leading lettings portal.” The top 10 performing areas in Scotland in terms of rent levels are: 1) Park (Glasgow) – £1104 2) West End (Aberdeen) – £1079 3) West End (Edinburgh) – £1029 4) New Town (Edinburgh) – £1015 5) City Centre (Aberdeen) – £990 6) Marchmont (Edinburgh) – £971 7) Glasgow Harbour (Glasgow) – £913 8) Rosemount (Aberdeen) – £880 9) Newton Mearns (Glasgow) – £824 10) Bruntsfield (Edinburgh) – £819 (All values indicate average monthly rent for a 2-bed flat) The 10 worst performing areas in terms of monthly rents are: 1) Johnstone (Renfrewshire) – £421 2) Shettleston (Glasgow) – £428 3) Kilmarnock (East Ayrshire) – £440 4) Motherwell (North Lanarkshire) – £444 5) Ibrox (Glasgow) – £449 6) Bridgeton (Glasgow) – £453 7) Bo’ness (Falkirk) – £459 8) Tollcross (Glasgow) – £462 9) Paisley (Renfrewshire) – £463 10) Rutherglen (Glasgow) – £468 (All values indicate average monthly rent for a 2-bed flat – rentals properties) 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, rentals properties and letting agencies.