The cost of renting in Glasgow has increased by 10% since the coronavirus pandemic began.
High demand and properties being let out quickly has led to rents rising at the fastest rate ever recorded according to some industry experts.
The average asking rent in the city is now £992 per month, according to Rightmove. In February 2020, that figure was around £894 and decreased by -1% in February 2021, before skyrocketing by 11% in September 2021.
Properties are being snapped up at the quickest rate ever recorded, at 17 days.
Experts say this is because tenants are 'boomeranging' back to the city, leading to rental growth in the biggest city centres including Bristol, Nottingham and Birmingham.
Tenants looking to move are seeking out bigger flats, leading to the hottest competition for three and four-bedroom flats. Competition for a four-bedroom flat is up by 131%, and up by 124% for a three-bedroom flat.
Rightmove’s Director of Property Data Tim Bannister said: “A year of various lockdowns saw many city centres hit with either a complete standstill in rental growth, or falls of over ten per cent in some cases, as tenants moved further out or back in with family temporarily.
"But as society opened up again cities have not only bounced back but are now seeing strong rental growth, fuelled by increased tenant demand and limited available stock.
"It’s still easier to secure a place in a city centre than in some of the hottest suburban and rural rental markets right now, but as more tenants boomerang back to busier locations this is likely to change.
“The shortage of rental properties in the market has led to Rightmove recording the fastest ever pace of rent rises in a year than ever before."
