High-end rented properties are still proving popular with tenants in Edinburgh, according to the city’s leading letting agent.
Braemore Property Management has seen demand remain steady for properties such as family homes and luxury penthouses in recent months, with renters still happy to pay high prices for good, large homes in desirable locations.
The firm, which manages 850 properties worth more than £250 million in the city, has said that it has been surprised at the resilience of the high-end of the rental market in Edinburgh.
Colette Murphy, director at Braemore Property Management, said: “We’ve had a steady amount of interest in properties that are at the higher end of the rental scale over the past few months.
“While the rest of the market has been affected by an oversupply of properties – which has provided more choice for tenants and pushed some rents down – the high end of the market has remained fairly resilient. Many people are still looking for bigger rented properties to live in and are willing to pay good money for them.
“There’s still a high demand for larger properties, whether it’s from people who are currently between homes or who have relocated to Edinburgh. A few years ago, these people would have been looking to buy a property rather than rent one but now, because of the economic climate and the poor state of the property market, that’s no longer the case.
“In the cases where people are relocating to Edinburgh, it is often the case that they still have another home elsewhere that they haven’t been able to sell yet. In these instances, they want to rent a home in Edinburgh while they wait to sell their old property – as they do not want the burden of having two mortgages.
“As there is still a limited choice of properties at the high-end of the rental market, they are happy to pay a good price for a well-maintained family home or larger penthouse in a desirable part of the city. We’re currently getting a lot of interest in the high-end properties on our books and this has not shown any signs of slowing down over the past few months.”