Podcast: Edinburgh rental market update
What are the latest updates in the Edinburgh rental market?
This week Megan & Paul are joined by Head of Lettings at ESPC Lettings, Nicky Lloyd and Senior Property Manager, Martyn Johnstone to discuss what’s been happening in the local rental market.
The discussion covers the recent end to the rent cap in Scotland as well as their advice for students looking to secure a lease and tips for landlords looking to invest in the city.
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Key Insights
What does the end of rent caps mean for tenants?
The end of rent caps means that landlords can now increase rent by any amount they like for tenants on private residential tenancies, with a three-month notice period. This change gives landlords more flexibility but may lead to higher rents for tenants. However, tenants have the right to appeal rent increases if they feel they are too high, and there is a tapering system in place to limit excessive increases.
How are landlords affected by the change in eviction legislation?
Landlords now have more flexibility in evicting tenants if needed, as there is no longer a ban on evictions. Landlords can apply for eviction orders more easily, especially in cases of non-payment of rent or anti-social behavior. This change may provide landlords with greater security and control over their properties.
Advice for students looking for a rental property
Students should carefully consider their reasons for moving and ensure they can afford the rent. It's essential to be honest in the application process and have necessary documents like guarantors in place. Due to high demand, students may need to secure properties early, even if they won't be using them immediately, to ensure they have accommodation when needed.
What property types are in demand for tenants?
One-bedroom properties are highly sought after, with significant demand from tenants. These properties, particularly in Edinburgh, often receive numerous inquiries and rent quickly. Landlords may find that one-bedroom flats provide steady income and see significant rent increases over time.
Best areas in Edinburgh to invest in buy-to-let property?
Anywhere within a two-mile radius of the castle is recommended for buy-to-let investment. This radius covers a diverse range of neighborhoods with good transport links, making them attractive to tenants. Areas such as Leith, Newington, Stockbridge, Gorgie, Polwarth, and Fountainbridge offer potential for buy-to-let investment due to their proximity to amenities and transportation hubs.
