Citylets Q3 report

“The third quarter of any year is often the most intense for demand relative to supply sending available stocks to their seasonal low. Q3 2022 not only met that expectation but exceeded seasonal norms sending average stock levels to historic lows after having recovered mildly in the previous quarter.

It is not surprising that, despite undoubted good intentions, the lettings industry across the full private and social spectrum have raised legitimate concerns for future supply levels after the snap policy announcement to freeze rent rises for existing tenancies and evictions in early September. Questions too as to the calculations for overall net benefit to the sector and what underpinned policy. Citylets records trends in the open market at tenancy formation where supply has been chronically restrained.”

Impact of Rent Freeze on Aberdeen’s Rental Market

Matt, Operations Director, is featured (page 14) commenting:
“Q3 has seen a continuation of increased demand across the city and shire. We have been in-undated with enquiries and applications seeking accommodation. This has been fuelled partly by lots of international students and families relocating to Aberdeen and looking to rent whilst studying here. We have also seen lots of activity for quality family homes with oil and gas companies moving employees here for long term contracts. Supply continues to be an issue to meet current demand and the uncertainty that the recent rent freeze and moratorium on evictions pose, continues to create further confusion to home owners.”

Read the full report here.

For further info as reported in the Press & Journal, read the feature here.

Matt, Operations Director