Scottish Housing Market Review Q4 2024

4. Private Rental Sector

4.1. Private Housing Rental Prices

The latest Scottish Government private rental statistics, which were published in November 2024 and cover the year to September 2024, show that average rents on 2-bedroom properties (the most common size) have increased in 17 out of the 18 Broad Rental Market Areas (BRMAs) in Scotland compared with the previous year. Greater Glasgow was the only BRMA where the average rent fell over the year (‑2.4%), although this followed a 22.3% increase the previous year. Average rent increased at the fastest rates in Lothian (14.0%) and West Lothian (12.2%). Furthermore, rents increased at a quicker rate than CPI inflation (3.0%) in 17 out of the 18 BRMAs over this period.

Note that these statistics are based predominantly on advertised rents, and so reflect rents that landlords are charging when their properties become available for rent at the point of tenant turnover or when properties are new to the rental market. The statistics present a similar picture to letting agent rental reports that have been presented in previous editions of the Scottish Housing Market Review.

Since these statistics are based predominantly on advertised rents, they do not reflect the Cost of Living (Tenants Protection) (Scotland) Act 2022 rent cap restrictions from September 2022 to March 2024, or the temporary modification to the rent adjudication process since 1 April 2024, both of which have applied to existing tenants only. Given the rate of growth in new-let rents, it is likely that it in the absence of a rent cap some existing tenants would also have experienced large increases in rents, depending on the rent-setting approach of individual landlords.

Source: Scottish Government