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Dundee stands alone in posting year-on-year fall in average private rents

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Dundee is the only major city in Scotland to experience a fall in private rents over the past year, according to latest figures.

The city is the cheapest in Scotland for tenants, says the quarterly data report by property letting experts Citylets.

Its figures show that rents in Dundee in the three months to the end of September slipped slightly over the same period last year, in marked contrast to Glasgow, Edinburgh and Aberdeen.

The company, which has included Dundee in its detailed report for the first time, said the average monthly rent in Scotland is now £670, the highest level since 2008 and 3.2% up on the same period last year.

But in Dundee the average rent for a two-bedroom flat the most popular property type was £537. That is 0.9% down on last year.

The good news for Dundee landlords is that their properties are likely to be let out faster than in other parts of the country, with it taking on average 35 days to find a tenant for a two-bedroom flat and 29 days for a one-bedroom property, compared to the national figures of 37 days and 33 days respectively.

In addition, rent trends in Dundee over the last two years have been stable, says the report.

Senior Citylets analyst Dan Cookson said: ”Demand for accommodation is still extremely high and there are more properties coming on to the market, which is providing more choice for prospective tenants.

”Renting is firmly established as a lifestyle choice now, rather than just something to do while you save up to buy a property of your own, and many tenants are happy to pay a good price for a good property in a desirable location.

”In Edinburgh, the average rent for three-bed properties is now over £1,000 while rents in Aberdeen remain the highest in the country.

”Clearly the ongoing limitations on mortgage lending are being reflected in the rental sector, with many people choosing to rent a home for a couple of years while they save up for a deposit for a property of their own.”

He added: ”All the signs suggest that Scotland’s rental market is stronger than ever and the strong demand for rented properties shows no signs of abating any time soon.”