Soaring demand for rented homes in Paisley and Renfrewshire is outstripping supply.
As a result, prices are soaring, according to property lettings portal Citylets, with the average monthly rent now smashing through the £600 barrier.
And the industry is warning a series of further events may trigger greater turbulence and increase pressure on tenants.
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Citylets have revealed that in the final quarter of 2021 the average rent in Renfrewshire was £642 a month, that’s up 11.5 per cent on the year before. This is more than twice the national rise.
For one-bedroom homes the average monthly rent is now £449, which is up 4.4 per cent.
For two-beds it is £620, that’s an uplift of 10.3 per cent.
And for three-bedroom properties the figure is now £783 a month, up 6.1 per cent.
Ben Sweenie, of Paisley-based lettings agent Castle Residential, said: “The year has brought with it a host of uncertainties, but Paisley and the wider Renfrewshire area have ultimately proven to be desirable locations for both renters and buyers alike.
“While the market may have slowed within the final quarter, it seems promising the trend of significant growth we have seen throughout 2021 will continue into the new year.”
Highly respected as the barometer of Scotland’s rental market, the latest Citylets quarterly report shows that the average monthly rent across the county rose by 5.2 per cent to £869.
The figures show that available properties were being snapped up at record speeds, with four-in-ten let within a week and 83 per cent taking less than a month.
In Renfrewshire 91 per cent of one-bedroom homes were let within a month, 90 per cent of two-beds and 86 per cent of three-bedrooms.
The best profits for landlords were the PA3 postcode covering Linwood and Ferguslie Park, with an 8.4 per cent yield.
PA5 - Johnstone, Elderslie and Brookfield - was next most lucrative with an 8.2 per cent annual return.
Now it is feared that many landlords are planning to sell up while the property sales market is buoyant, while aiming to avoid a wave of greater regulation expected in the market. That will further constrict the supply of available homes.
Citylets managing director Thomas Ashdown explained: “High levels of rental activity continued to the end of 2021, sending stock levels down to record lows across Scotland. Competition for property to rent was frenzied in many locations. The average stock levels over Q4 2021 were just 32% compared to the same quarter in 2018.”
Meanwhile a further shakeup in the market is likely to drive out many landlords, creating further pressure. In December, the Scottish Government opened its latest consultation on the sector, A New Deal for Tenants – Draft Rented Sector Strategy, which seeks to improve accessibility, affordability and standards.
The Citylets rental report was launched in 2007 and statistics are available here www.citylets.co.uk/reports
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