Fears as private rents in city rise faster than in London or Edinburgh
GLASGOW has sent the biggest rise in private rents in the UK, according to a new study.
Average rents in the city have rocketed by £73 per month, outstripping private rental hotspots like London and Edinburgh.
The survey of rents was carried out by ECA International which monitors cities for companies looking at new locations for their business.
It found Glasgow’s rent increase was being driven by young professionals moving to the city.
The rise in Glasgow was higher than London at £56 per month, Edinburgh which rose by £29 per month and Aberdeen with a £20 per month average increase.
Alec Smith, accommodation services manager at ECA International, said: “Glasgow is increasingly becoming an attractive option for young professionals, with properties being built in prime locations targeted at this demographic, which is driving up the rental market price, reflected in our latest findings.
“Rent is likely to continue to rise, as Glasgow City Council commits to increase the core city centre population by 40,000 by 2035.
“Though Aberdeen’s slowing oil and gas industry saw the Scottish city drop last year to its lowest ranking since 2012, we’ve since seen a slight upturn, as the market dropped to such a degree that it has since rebounded. Furthermore, recent legislation, which strengthens tenants’ rights, has increased confidence in the market.”
The survey found the average price for a three-bedroom home to rent in Glasgow was £1187 per month, compared to Edinburgh at £1664 and Aberdeen at £1180.
While in London, the average cost of a three-bedroom, midrange home in a prime location, according to the research, is now a whopping £5364 per month.
Researcher ECA International is concerned with affordability and availability for “Expat renters” – people moving to a new location for work.
There are fears the rising rents in Glasgow in the private sector is pricing even more local people looking for a home out of the market.
Sean Clerkin of the Scottish Tenants Organisation said: “According to ECA International,
Glasgow City Council is planning to bring in 40,000 people to Glasgow city centre by 2035, mainly professionals in what we see as a policy of gentrification at the expense of people on lower incomes, with private rents expected to increase rapidly.
“This is morally wrong as we need immediate rent controls in the private rented sector with a freeze on all private rents and we need a large increase in the building of socially rented accommodation in Glasgow. ”