Glasgow has the third highest monthly rental price in the UK - here’s how it compares to London, Manchester, and Edinburgh

Research by property website, Zoopla, has found that rent is increasing in Glasgow at dizzying rate - particularly in the last year in which rental prices across Glasgow as a whole could soon be catching up with Edinburgh.

For the last 21 months, UK rents have been growing faster than earnings and now account for 28.3% of average pre-tax earnings vs a 10-year average of 27%.

The average UK rent has now increased by £110-a-month - or 10.4% - since April 2022, marking the 15th consecutive month that we’ve seen double digit growth in rental inflation.

How high has rent increased in Glasgow since the pandemic?

Rental affordability is currently at its worst for a decade in seven of the 12 regions of the UK - including Glasgow.

Since last April (2022), rent in Glasgow has raised on average by 12.3% to £868.

How does rent in Glasgow compare to Edinburgh and Manchester?

That makes it the third highest rental increase in the last year across the whole of the UK, below Edinburgh which is first (13.7% increase to around £1,130), and Manchester which is second (13% to £982).

Glasgow ranks above Southampton in fourth (10.7% increase to £1050) and Aberdeen in fifth (10.6% increase to £652).

While renting in London is the most expensive of all regions (averaging 40% of gross earnings), it is still below the peak of 43% reached in September 2015

The cities where rents are also increasing faster than average include Glasgow (12.3%), Southampton (10.7%) and Cardiff (+10.4%). The average rent in these cities is now £100 higher than a year ago.

How has rent in Scotland changed since the end of lockdown?

The cheapest place to rent in Scotland is now East Ayrshire - with the average monthly rent in Scotland now reaching £725.

Scotland as a whole also see’s it’s rental affordability at its worst in a decade - with the average rent raising by around 13.1% and properties taking around 12 days to get a property let for rental.

The demand for rental property in Scotland in the 4 weeks to June 11 2023 compared with the 5-year average has increased by an incredible 86.1% - while the percentage change in available supply of homes to let, in the 4 weeks to 11 June 2023 compared with 5-year average is sitting at -17.8%.

Commenting on the report, Richard Donnell, Executive Director at Zoopla said:“Renters continue to face a relentless increase in rents, compounding wider cost of living pressures and making home moving decisions ever more challenging, especially for singles and those on lower incomes.

“The chronic imbalance between supply and demand continues to push rents higher but we expect increasingly stretched affordability will start to reduce the pace of rental growth into 2024.

“While there is concern over the impact of higher mortgage rates on those with mortgages, renters have already seen a £2,820 a year increase in rental costs over the last 5 years. Some renters are experiencing more stress from higher rents with a jump in those finding the rent difficult to pay.

“A proportion of landlords continue to sell but talk of an exodus is overstated. The real pressure of higher mortgage rates on landlords hits the 20-30% with the highest loan to value mortgages where landlords may need to inject extra capital when they refinance or look to sell. Half of all landlord sales are in London and the South East where yields are lowest and the economics of being a landlord are toughest.”

To see how rents have changed across the UK as a whole, check out the UK rental increases article on our sister title, NationalWorld.