Edinburgh has just been ranked as the number 1 city in the world for 2022 by Time Out magazine. Landmarks, architecture, scenic hotspots, culture, festivals and a renowned food and drinks scene are just some of the reasons it makes the city so great.
But it is not just a fantastic city to visit, it’s a great city to live in, thus making Edinburgh a popular choice for buy-to-let investors. At McDougall McQueen we work with a number of investor clients, helping them secure and grow their property portfolio. The average rental yield in Edinburgh is impressive, with the market rent having risen steadily in the last few years.
A third of all short-term lets in Scotland can be found in Edinburgh due to the city’s popularity amongst tourists, students and businesses alike. And despite the Scottish Government’s latest announcement – the Scottish Government recently approved plans from the local authority and as of October this year, new owners of short-term lets across Scotland will be required to apply to the local council for a licence to operate, while existing owners will have until April 2023 – there is still a huge demand for these types of properties.
Additionally there is a strong market for long-term rentals in Edinburgh with demand outstripping supply. Research from one of the mainstream letting portals at the start of the year revealed that the average monthly rent in Edinburgh’s private rental sector rose by 9.8% to £1,191 in the last three months of 2021. There are not enough properties to let and those that are available are being snapped up.
The demand for good quality rental property in Edinburgh remains strong and if you are thinking about investing and becoming a landlord for the first time, or are increasing your property portfolio and want to find out more about the local marketplace then get in touch with our team who work with a number of private landlords in and around the city.