Indeed, Q3 for the Aberdeen Rental market has brought with it some positive news to speak about or as locally said “Something braw tae spik aboot.”
So what’s happening and what does it all mean for landlords and tenants in Aberdeen?
1. We are beginning to see early signs of rents levelling out, previously there was a 20% on average drop in rent compared with current 16.7%
2. The bigger properties are seeing signs of movement now with good demand for properties well-presented and competitively priced
3. The average time to let has reduced to 44 days from 47 on the previous quarter
4. On average 43% of properties currently let within a month with the average price of a property being £829 per month
So what does it all mean?
Well, although the figures show only “slight” improvement, we do see improvement. In previous quarters there were no such signs of stability and improvement as prices continued on a downward slide. This could be early signs of the “new normal” in terms of price for the rental market in Aberdeen.
Northwood Aberdeen was pleased to feature in the most recent Citylets report with the below quote. Citylets is Scotland’s certified leading rental site and consult, amongst others, to developers, investors, housing associations and local & central government.
“Q3 has been a very busy time for the Aberdeen rental market. We have seen a slight stabilisation in the market in terms of rental price. In most cases significant decreases were experienced by landlords in the first two quarters but we are now seeing this level out. Rental prices are now in line with other cities as well as being more favourable for tenants who were previously priced out of the market. It is very encouraging to see that time to let has improved with properties moving quicker than before over the busy summer months.
For more information about the market and your rental needs, contact the team at Northwood today.