14/3/2008Landlords cash in as city rentals soar
GLASGOW'S landlords are cashing in on the credit crunch with more people wanting to rent accommodation rather than commit to a long-term mortgage.
And one of the most popular areas of the city is the bustling Merchant City with its upmarket shops, clubs and bars.
The average number of lets for one-bedroomed flats there - costing around £552 a month - rose 8.6per cent in the last three months of 2007 compared with the same period of 2006, while two-bedroomed flats triggered a 6.3per cent increase even though the rental was almost £200 more.
Incontrast, landlords in the city's Hyndland area have cut rents for two-bedroomed flats.
Since October, they've fallen by 1.4per cent to an average GBP695 - but Hyndland is bucking the national trend.
Residential lettings website Citylets carried out a detailed study of Scotland's rental sector and found demand and rents had risen in the final quarter of 2007.
Managing director Thomas Ashdown said: "We've seen our busiest January ever.
"Many would-be buyers are playing it safe for the moment and are happy to carry on renting."
Feb 9, 2008