ABERDEEN has seen an upturn in rent costs, rising 7.8% to £832 in the third quarter of 2023 compared to the same period last year.
Three-bedroom properties saw a jump of 11.8% to £1,108 in the Granite City, though prices still remain below Scotland’s other major cities.
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Edinburgh, Scotland’s most expensive city to rent, saw a rise of 16.5% to £1,546 a month, while Glasgow rose 15.6% to £1,208.
Neither saw price jumps as much high Dundee, however, with typical rent increasing 16.9% to £928.
The national average jumped 13.7% to £1,115, still £7 above Scotland’s third city.
The report, published by Citylets, does show an upturn in fortunes for Aberdeen, despite still lagging behind other parts of the country.
The market slumped enormously following the downturn in the North Sea a decade ago, but looks to be resuscitating as new energy projects progress.
However, the presumption against new oil and gas is still deterring investors from the region, according to the Chief Executive of Aberdeen & Grampian Chamber of Commerce, Russell Borthwick.
What do rented homes and the oil industry have in common?
“Both are hampered by bad policy-making at Holyrood,” writes Mr Borthwick in today’s Press and Journal.
He continues: “There are some interesting parallels between Scotland’s private residential landlords and the country’s oil and gas industry right now.
“Both are absolutely vital for our economy, yet investors in both are being actively driven away by the policies of the SNP/Green administration at Holyrood.
“The presumption against future North Sea exploration is turning investors off the region’s oil and gas sector at a time when we need more than ever to offset declining production.
“But as we need more the current political direction being set by the Scottish Government is going to deliver less.”