In summer last year, we endured the effects of the ever more acute supply/demand problem in the private rented sector in Glasgow. The levels of demand and volume of applicants missing out on properties was unprecedented in my 20 plus years working in the industry. This year has regrettably seen more of the same, with many properties being let off market, and others being inundated with enquiries and notes of interest within hours of reaching the market. This is set against the backdrop of the government-imposed rent cap, which dictates that landlords can review their rents by a maximum of 3% annually for existing tenancies, whereas rent levels on the open market have surged by an average of 14% in Glasgow over the last year* source citylets.

Demand is strong across all property types, from one-bedroom flats through to suburban family homes. For one- and two-bedroom flats priced up to £1200, the market is ferociously competitive with it not being uncommon for applicants to be making offers over the rental price in a bid to try and secure the property. These rising rent levels do not feel sustainable, yet due to the shortage of supply and shrinking pool of properties, there is no sign of them levelling off.

By contrast we are seeing modest levels of interest from landlords looking to enter the rental market, or existing landlords looking to grow their portfolios – the converse appears to be the case, with a not insignificant number of landlords being forced to reevaluate their position and consider selling due to increased borrowing costs.