How putting your property up for rent could pay off

Renting House

We’ve all heard about property prices in Scotland hitting all-time highs but what about the rental market?

According to private sector rental statistics from the Scottish government, the average monthly rental price has been consistently rising for the past ten years, with 4-bedroom properties reaching over £1,300 per month in 2020. That’s a 43% increase since 2010 and the trend hasn’t stopped there, especially as people from around the world look to descend on Glasgow for the upcoming COP26 summit this November.

Currently, the average monthly rental price for a property in Glasgow is £1,242 which is 25% higher than Edinburgh, bucking the normal trend of the country’s capital being one of the most expensive areas in the country to live.

And it’s not just long term lets that are seeing prices soar, property owners in Glasgow are looking to take advantage of COP26 visitors by listing their properties for short term lets during the conference at hiked up rates. Glasgow properties listed on sites such as Airbnb and are being extensively promoted as perfect for those visiting the city for COP26. According to Airbnb, searches for properties during the conference dates are up 250% compared to the average searches for Glasgow in the past 6 months. During a recent search of the site, a 1-bedroom city centre property with a balcony and free parking had a nightly rate of £936 – that’s over £11,000 if you’re looking to rent for the entire conference.

So if you’re thinking of putting your property up for rent, here are some things to consider.

If your property is available temporarily, for example, if you’re moving out for the COP26 conference and you’re planning on returning to your home, then renting it out is a great way to make some extra cash. Of course, you’ll need to cover any expense involved in your own housing during this time, like going on holiday or even moving in with a mate or family member. Even if you’re planning on being away for longer, no matter what happens and if your plans change, you’ll have somewhere to come home to.

Arranging where you are going to stay is a big factor when considering renting your property. Maybe you’re moving away for work, going on an extended vacation or moving in with a partner and just aren’t quite ready to give up your place just yet. If your reason for renting your property is more financial and you’re taking advantage of the competitive property market at the moment, you need to consider any additional outgoings you may incur by moving out of your current property. Will your commute be extended and you’ll have to pay more for travel? Are you contributing to other bills? These are all cost factors that will chip away at the profit from your rental so it’s worth weighing up your options here if you can.

Whilst the extra income is a huge selling point, managing a rental property, even for a short time comes with a lot of responsibilities and the level of management you provide depends on the time and money you’re able to spare. It’s your responsibility to make sure it’s up to code, suitable for the rental market, that it is properly maintained, insured and that any repairs are taken care of. Even if you choose to have an agency look after it for you, you’ll need to factor in their fees and consider this when looking at your expected profits. Even sites such as Airbnb normally require a small listing fee. No matter what cover you have and who is managing the property, as the owner there will also be that added bit of worry when thinking about someone else living in your space. You will need to try and disconnect yourself from the property to avoid sleepless nights wondering if they are having wild parties. There is a level of trust that comes with renting your property and becoming a landlord, so if passing over those keys adds more stress to your life then will it be worth it?

If you do choose to rent then trust Scotland’s biggest property site, s1homes. Placing your property for rent is easy and you can reach hundreds of thousands of Scottish renters every month. Simply visit for all the details.

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