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Scotland continued to enjoy positive rental growth in April according to the latest Your Move Scotland Rental Tracker.
The Scottish rental market continued its recent progress, as landlords once again enjoyed positive rental growth and strong yields in a growing market.
Last month yields increased on a monthly basis for the first time since March 2017, rising to 4.7 per cent. That figure remained steady into April and was boosted by a strong performance in the wider market.
Across Scotland there was positive rental growth of 1.7 per cent in the year to April. This left rents standing at an average of £581 (seasonally adjusted). There was more modest growth of 0.1 per cent month-on-month. On a non-seasonally adjusted basis the average rent was £587 in April.
Rents rose in three of the five regions surveyed, led by the Highlands and Islands region where prices grew by 3.6 per cent year-on-year to reach £688. Despite that positive rental growth, the area was unable to take the title of most expensive place to rent in Scotland. That accolade went to the Edinburgh and Lothians region.
Rents in the capital city also increased, rising 3.1 err cent in the last year. The average property now lets for £693 per calendar month, just £5 more than its rival region.
The other area which posted positive rental growth was the East of Scotland, where rents grew by 2.1 per cent to hit £542.
Of the two regions which saw rents fall, it was in the South of Scotland that this decline was steepest. Prices in the area dropped by 1.2 per cent in the last year and now stand at £540 – the cheapest in Scotland. The remaining region, Glasgow and Clyde, saw a more modest decrease; rents fell by 0.3 per cent to hit £586.
Brian Moran, Your Move Scotland Lettings Director, commented: ‘As we enter the summer months, we can reflect on the resilience of the Scottish rental market, which has weathered a difficult winter admirably.
‘The Highlands have continued their recent trend of strong rental yields. This is fuelled in part by an influx of young professionals into Inverness, such as student doctors at Raigmore Hospital.
‘The market in this region has been further buoyed by a strong holiday lettings market as investors and tenants, from the south of Scotland and even England and Wales, are drawn to the beauty of the Highlands.’