Scottish Landlords Blame Oversupply in the Letting Market in the Fall of Rents

More home movers have to rent out their unsold property, which leads to a constant increase of rental stock. Though rental property is demanded in Scotland, the price on rent is falling down. It looks like periods of unoccupancy for landlords are coming. According to official report, recent figures revealed that from January to March 2009 average rent in Scotland has sunk by 1.1 percent to £638. Edinburgh witnessed the highest fall down of rents in last quarter; it constituted by 2.6 percent and now average rent is estimated at £732; one and two bedroom flats suffered most of all, having lost 1.1 percent and 1.9 percent respectively. Since 2003, this is the first recorded decline in residential rent. Glasgow experienced a fall by 0.7 percent to £560, and Aberdeen remained virtually unchanged at £860. All in all, the largest sector of the rental market - one and two bedroom flats- bears the highest losses, whereas property prices remained the same. Probably it is provoked by a greater interest in flat sharing and an early start of the seasonal student market, specialists say. Experts are confident that landlords spend around 50 percent more time to rent out one and two bedroom properties in Edinburgh, and 33 percent more time in Glasgow, than they spent last year. Patience in finding the next tenant may be required. Renting is greatly associated with the availability of mortgages and rising unemployment. While the sales market remains depressed, rental property supply in Edinburgh continues to increase; perhaps the peak will be reached at the end of the year. There is a great possibility that in such conditions tenants will benefit from greater choice of properties and will have a chance to negotiate the price of the rent.