An Official Statistics Publication for Scotland Provides Detailed Insights into Private Sector Rents.
Today, the latest statistics on annual average private sector rents in Scotland have been released, covering the period up to the end of September 2024. These statistics offer a comprehensive analysis of the current rental market, shedding light on the trends and fluctuations in rent prices across different property sizes and regions.
The statistics are based predominantly on advertised rents, which reflect the prices landlords are charging when properties become available for rent, either due to tenant turnover or when new properties enter the market. However, it is essential to note that these statistics do not account for rental restrictions imposed by the Cost of Living (Tenant Protection) (Scotland) Act 2022 and the Rent Adjudication (Temporary Modifications) (Scotland) Regulations 2024, which only affect existing tenants and are not reflected in the advertised rent data.
A detailed analysis of the statistics reveals that monthly Scottish average rents have experienced significant growth across all property sizes in the latest year. The increases are as follows:
- A 9.6% increase, equivalent to £62, has been recorded for 1-bedroom properties, with the average monthly rent reaching £710.
- 2-bedroom properties have seen a 6.2% increase, translating to £52, with the average monthly rent now standing at £893.
- For 3-bedroom properties, the increase is 10.7%, or £110, resulting in an average monthly rent of £1,136.
- 4-bedroom properties have experienced an 8.3% increase, equivalent to £137, with the average monthly rent reaching £1,793.
- Lastly, 1-bedroom shared properties have seen an 8.3% increase, or £41, with the average monthly rent now at £530.
Regional variations in rent prices are also evident, with the highest increases in average two-bedroom rents observed in Lothian, where prices have risen by 14.0% (£167 per month). Conversely, Greater Glasgow is the only area to have experienced a decline in average two-bedroom rents, with a decrease of 2.4% (£25 per month). Notably, this decrease in Greater Glasgow follows a significant 22.3% increase in 2023.
Lothian boasts the highest average monthly two-bedroom rent, standing at £1,358, while Dumfries and Galloway has the lowest average monthly two-bedroom rent, at £505.
Over the past 14 years, six areas have seen average rent increases surpass the average rate of inflation for all property sizes. These areas include Dundee and Angus, East Dunbartonshire, Fife, Forth Valley, Greater Glasgow, and Lothian. Furthermore, every area has at least one property size where the increases in average rents have exceeded the rate of inflation between 2010 and 2024, which stands at 50.0%.
Background
These statistics are contextualized by the average 12-month UK Consumer Price Index rate of inflation, which was 3.0% across the year to end September 2024. Over the longer term, the inflation rate has been 50.0% between the year to end September 2010 and the year to end September 2024.
The full statistical publication, which can be accessed via the provided link, presents a comprehensive analysis of rent levels for various property sizes across each of the 18 broad rental market areas in Scotland. The publication is based predominantly on advertised rent data and includes information on rent levels, as well as rents at the higher and lower end of the market.
The data used in the publication is sourced from the Rent Service Scotland market evidence database, which is collected for the purposes of determining annual Local Housing Allowance levels.
Official statistics are produced in accordance with the Code of Practice for Statistics, ensuring the highest standards of quality and accuracy.
