Rents register 26 per cent rise in Glasgow

THE average cost of renting a private-sector home coming on the market in Glasgow has grown an estimated 26 per cent since the start of the Covid-19 pandemic in March two years ago.

According to data released by estate agents, Rettie, properties coming on to the private rented sector (PRS) in Glasgow have increased from an average £800 per calendar month before the pandemic to now over £997pcm.

The equivalent figures for Edinburgh, meanwhile, are £1,150pcm to £1,200pcm, up nine per cent.

Says Rettie, here, the number of properties coming on the PRS account for between ten and 15 per cent of all the stock available.

The increase in advertised prices, speculates Rettie, is down to a combination of growing demand and reduced supply (the latter occasioned, in part, due to tax and regulation changes, plus a strong sales sector).

Adds Rettie, here, the average time for properties being snapped up has fallen since before the pandemic, to 16 days in Edinburgh (from over 40) and 14 days in Glasgow (from over 35).

Picture credit: Place Design Scotland