Aberdeen Rents Down 20% as Oil Down Turn Offers Some Relief to Tenants
The average cost of renting a property in Aberdeen has fallen by almost £225 a month due to the downturn in the oil and gas industry.
A new report has revealed that a typical Granite City property now rents at £865 per month – down 20% on the £1,090 it would have fetched a year ago.
This means tenants are nearly £3,000 a year better off – respite from years of having to pay some of the highest average rents in the country.
The figures, published by the Citylets leasing portal, follow ASPC statistics for the first quarter of 2016 showing a decline in sales and a slight drop in average home values.
Demand remains
As the low oil price slows the influx of energy workers, average rents are lower than the levels landlords have become used to.
Yet, there is still plenty demand for properties that are marketed well and competitively priced.
And Adrian Sangster, National Leasing Director at Aberdein Considine, said that falling rents are drawing new tenants to the market.
“The market continues to be a challenging one for landlords who are facing up to lower rentals and increased voids,” he said.
“Whilst these changes appear to have been fairly dramatic in the short term, they are less so when compared to even three years ago.
“Also despite negative headlines and high available stock, there remains healthy tenant demand.
“We have carried out around 800 viewings during Q1, however tenants have plenty of choice so properties need to be realistically priced.”
