Released on: October 22, 2007, 3:53 am

Press Release Author: Holyrood Partnership -Scott Douglas

Industry:

Press Release Summary: Aberdeen booming rental sector - Citylets

Press Release Body:

.Media release.media release.media release.

Boomtown stats: Aberdeen rent rises continue

Aberdeen's status as Scotland's economic boomtown has been underlined by a detailed
study of Scotland's rental property sector by lettings portal Citylets.

The scramble for accommodation in the Granite City, driven primarily by an increase
in energy sector employment, is seeing rent rises far in excess of the rest of the
country, with landlords benefiting from the unprecedented demand.

One bedroom flats are now so sought after they command an average monthly rent of
£527 - outperforming the traditional pace setter, Edinburgh, where the average is
£512.

Rental costs in Aberdeen have shot up by 12.8% in a year and 4% in the last quarter
alone, according to the Citylets quarterly report on Trends in Residential Lettings,
the only independent and detailed study of Scotland's rental market, based on data
from 25,000 annual lettings through 200 agents.

Thomas Ashdown, managing director of Citylets said: "The Aberdeen situation is quite
unique in Scotland. With demand continuing to outstrip supply for 1 &2 bed flats I'm
afraid the news for tenants is not good and we predict further rent increases in the
next quarter.

Despite the increase in rental prices, the relative scarcity of properties in
Aberdeen has meant a sharp drop in the average Time to Let (TTL) for properties, a
key indicator of demand.

One bedroom flats are let on average within just 12 days, with half gone in a week
and 90% snapped up within a month. By comparison, the average TTL in Edinburgh is 20
days and in Glasgow it is 32 days.

Thomas added: "This is our third quarterly report and Aberdeen has been the
consistent star performer. Rents started to rise after the last interest rate cut in
August 2005 and have been climbing ever since

"While house prices in Aberdeen have risen about 50% since the third quarter of
2005, the increase in rents hasn't been that far behind, with average charges for
one-bedroom flats up 30.8% and two beds up 28.0% over the same period.

"Compare that with Edinburgh - in the same period house prices have climbed by
around 25%, but rents for one bedroom flats have risen by just 5.3%, two beds 8.5%"

"The shortage of these types of properties in Aberdeen would seem to be considerably
more acute than in other Scottish cities.

ENDS

www.citylets.co.uk was launched in 1999 and is Scotland's most successful letting
portal. Its quarterly report is the country's only detailed and independent
barometer of the rental market.

Copies of the report have been attached and are also available on
www.citylets.co.uk/reports

Issued on behalf of Citylets by Holyrood Partnership. For more information contact
Scott Douglas on 0131 561 2244 or 07980 598762.




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Contact Details: Holyrood Partnership
Scott Douglas
info@holyroodpr.co.uk
0131 561 2244