Average monthly residential rents in Scotland in the second quarter of 2012 reached £672, an increase of just 1.4% on the same period in 2011. This comparatively modest rise in rents is below the latest Retail Prices Index (RPI) inflation figure for June of 2.8%, and this suggests that while the demand for rental property is high the market seems to be well balanced with sufficient supply to maintain stable rental values.

The data from Q2 2012 is reported by Scottish lettings specialists Citylets who say that below inflation rent increases have not been experienced in all regions, as Aberdeen continues to be the most expensive city to rent and it also experienced the biggest annual jump in prices of any city, with average rents rising 4.5% year-on-year to £901.

The typical monthly cost for a 3 bed property in the Granite City is now £1,225, up 8.1% on the year. In Glasgow the mix adjusted average rent was up 1.3% on the year to £609, while in Edinburgh average rents rose 2.9%, just a fraction over the rate of inflation, and are now averaging £791 per month.

Average time to let (TTL) for all properties across Scotland in Q2 2012 was 39 days which is one day longer than a year ago, but five days better than the figure of 44 days recorded in the previous quarter.

Citylets say that the TTL across Scotland by property size shows that larger 3 and 4 bed properties have seen the most improvement (in TTL) on average. In Q2 2012 3 bed properties took 41 days to let while 4 bed properties were on the market for 37 days, which is the same TTL figure as for 1 bed properties.

In the capital city of Edinburgh, average rents for larger 4 bed properties experienced the most growth over the last year with an increase of 3.2% to £1,436. These larger 4 and 5 bed properties account for just 12% of the volume of rentals, while 3 bed properties make up 19% of the total. However, 4 bed properties were the only type to see an improvement in TTL, down 4 days to 31 days, a total that unusually is less than the TTL for smaller sized properties.

In Glasgow, analysis of the type of properties privately rented during Q2 2012 shows the very high proportion of property which is 1 or 2 bed flats (83%) while houses make up just 2% of lets. For Q2 2012 the TTL increased year on year across all sizes of properties. TTL for larger 3 bed properties increased by 6 days over the year and now stands at 4 days while TTL for 2 bed properties edged up by 1 day and now stand at 40 days.

Aberdeen continues to be the most expensive city for private tenants in Scotland with a mixed adjusted average monthly rent of £901 in Q2 2012, which is up 4.5% on the figure of a year ago. However, despite this annual growth Aberdeen still experienced a small downturn in overall rents from the high reported in the previous quarter (£913).