Media Release: Aberdeen rents remain most expensive

RECENT research from a top UK lettings portal has revealed Aberdeen remains the most expensive city to rent in Scotland.

Citylets – the company behind the most detailed analysis into the Scottish private rented sector – has recently published its quarterly data results for quarter one 2012. And it has revealed that areas in the Granite City continue to offer the highest rents in the country.

The City of Aberdeen currently has an overall average rent of £849 for a two-bedroom property which compares with a national average of £627. The city’s West End topped the list of most expensive areas with average rents standing at £993, an annual rise of 1.3 per cent on quarter one of 2011.

Hot on Aberdeen’s tail was Edinburgh which also dominated the top of the list with an overall average rent of £712 for a two-bed property in the city. The prime market areas of the New Town and West End came in as the most expensive areas with New Town having an average rent of £940 up 3.7 per cent on quarter one of last year and the West End which stands at £939, up 0.6 per cent on the year .

Dan Cookson, senior analyst at Citylets said: “It is no surprise that Aberdeen continues to dominate the list for most expensive places to rent in Scotland.

“Aberdeen continues to thrive because of the continued success of the oil and gas industry. It is also the only major city in the UK to create more businesses than it lost when country emerged from the recession in 2010.

“Edinburgh also features repeatedly on the list of most expensive areas to rent with the capital enjoying rents in the region of £940. As well as being the financial centre of Scotland it does well with the student market with thousands of students renting in Edinburgh during term time.

“At the other end of the list is Glasgow which is continuing to offer some of the most affordable rents in the country. What’s reassuring about these stats is that there is a range of properties out there at both ends of the spectrum.

“There is still real value to be had in Scotland’s cities as well as the more expensive rents on offer. This breadth of choice means the Scottish private rental sector is highly competitive which good news is for tenants.”

The rental figures were revealed after Citylets collated average rent levels in Scotland during the first quarter of 2012 as part of its quarterly data report, which is acknowledged as the most comprehensive research into the private rental sector.

Figures for Q1 2012 show that of the ten least expensive areas to rent in Scotland eight are in or around Glasgow with Johnstone being the cheapest area to rent, with an average monthly two-bed rent at £417 a month – a fall of 5.3 per cent since Q1 2011.

Other affordable areas in the list included Govan and Ibrox in Glasgow standing at £451 and a two bed flat in East Kilbride coming in at reasonable £439.

The ten most expensive areas in Scotland in terms of rent levels are:

  • West End (Aberdeen) – £993
  • New Town (Edinburgh) – £940
  • West End (Edinburgh) – £939
  • Park & Woodlands (Glasgow) – £859
  • Bieldside, Cults & Peterculter (Aberdeen) – £850
  • Grange (Edinburgh) – £829
  • Seaton (Aberdeen) – £827
  • Cornhill and Kittybrewster (Aberdeen) – £817
  • Tollcross (Edinburgh) – £817
  • Bucksburn & Dyce (Aberdeen) – £814

(All values indicate average monthly rent for a two-bed flat)

The ten least expensive areas for monthly rents are:

  • Johnstone – £417
  • Bo’ness – £434
  • East Kilbride – £439
  • Kilmarnock – £440
  • Govan and Ibrox (Glasgow) – £451
  • Johnstone (Glasgow) – £453
  • Irvine – £453
  • Clydebank (Glasgow) – £458
  • Paisley (Glasgow) – £459

(All values indicate average monthly rent for a two-bed flat)

Citylets was launched in 1999 covering Scotland and parts of N. Ireland. It is currently the UK’s No.1 residential lettings site according to online competitive intelligence agency, Experian Hitwise, and recently won Best Niche Portal at the inaugural PropertyDRUM awards in London in May.

Its quarterly reports are a detailed and independent barometer of the rental market, based on more than 70,000 annual lettings from more than 400 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 second quarter of 2012, will be published in July.

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