Renfrewshire

Daryl Harper

Daryl Harper - Castle Residential

“The Renfrewshire rental market has remained strong in Q1, despite landlords facing challenges from changes in legislation. We’ve seen a significant increase in demand due to a shortage of affordable housing. This has led to an increase in rental prices, with some properties seeing a rise of up to 50% in the last five years. The market is highly competitive, with many tenants struggling to find suitable properties within their budget. Landlords face further challenges, including increased competition from short-term rental services. Despite this, the market remains strong and there are opportunities for both landlords and tenants to succeed. The Renfrewshire rental market is dynamic and constantly evolving.”

Market Overview - Q1 2023

BedsAverage
Rent
Rent Change
1yr
Rent Change
5yrs
Rent Change
10yrs
Av. TTL
(days)
TTL Change
YoY
Let within
a week
Let within
a month
1 bed £529 17.8% 32.9% 50.3% 12 -3 39% 92%
2 bed £727 17.3% 38.7% 56.0% 17 2 37% 83%
3 bed £946 20.8% 49.2% 56.1% 23 1 35% 77%
All £731 17.1% 43.1% 57.2% 17 1 37% 84%

Average Rent (pcm) by Number of Bedrooms

Average Time To Let (TTL) by Number of Bedrooms

Rental Index (base Q1 2008)

YearQ1Q2Q3Q4
2008 100.0 99.8 104.0 100.0
2009 98.7 99.0 96.2 96.2
2010 104.6 96.6 101.9 100.0
2011 98.5 99.4 101.0 100.8
2012 101.0 101.5 101.5 99.8
2013 97.5 100.6 100.6 102.9
2014 100.6 98.1 103.8 104.0
2015 100.2 108.6 105.5 104.8
2016 107.5 107.5 106.1 108.2
2017 102.9 108.6 111.3 110.3
2018 107.1 110.9 110.7 109.2
2019 109.0 112.8 114.3 113.4
2020 115.3 109.9 117.6 120.8
2021 119.5 120.3 125.8 134.6
2022 130.8 132.7 137.7 149.5
2023 153.2      

Market Composition

Yield by Popular Postcode (Flats):

Postcode20172018201920202021
PA1 7.10% 7.50% 7.00% 7.40% 7.3%
PA2 7.00% 6.70% 6.90% 6.40% 6.6%
PA3 9.60% 9.80% 8.90% 8.40% 8.4%
PA4 7.80% 7.90% 7.20% 7.70% 7.3%
PA5 9.10% 8.80% 8.70% 8.20% 7.8%
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