Housing campaigners have demanded the introduction of rent controls to prevent Edinburgh from becoming the ‘London of the north’ after a new report revealed prices are now higher than the UK average.
Prospective tenants in the Capital now face an “out of control” mean rate of £974 per month to keep a roof over their heads amid a surging cost of living crisis across the country.
Research by online estate agent Zoopla found only Bristol and London rank above Edinburgh in terms of average monthly rental costs.
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The report also found that housing costs swallow up more than a third of tenants’ annual salaries, but Living Rent says the total is “in reality much higher”.
The group has called for regulations to rein in surging costs to prevent those struggling financially from falling into a “dire situation”.
Secretary Meg Bishop said: “That rent has climbed to £974 a month in a time when high inflation and fuel costs are already pushing the cost of living beyond the reach of many people in our society, should demonstrate to all that rent controls are well overdue.
“Such astronomically high numbers illustrate once and for all that our housing system leaves many tenants without support and in a dire financial state.”
The Zoopla report found an average rise in rental costs of 8.3 per cent across the UK in the final quarter of last year - pushing up the mean tariff to £969.
It means Edinburgh’s typical rent is now more than £150 per month over the UK average when adjusted to remove London prices and, gallingly, £5 per month above the typical charge when the English capital is included.
In January, estate agent CityLets found properties were being snapped up at record speeds in the city, with 52 per cent let within one week.
Their research also warned a lack of available stock was likely to push rents up faster in 2022.
A Zoopla spokesperson said: "In March 2021, average rents in Edinburgh were falling, down 3.4 per cent on the year, but a rebound in city centre demand over the busy period of early Autumn and into Q4 last year, amid constrained stock levels, have put upwards pressure on rents over the last six months"
City of Edinburgh Council chiefs are currently consulting on the introduction of ‘rent pressure zones’ allowing the local authority to place upper caps on charges by private landlords.
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Councillor Kate Campbell, Edinburgh's housing, homelessness and fair work convener said she wanted the city to be at the forefront of a new housing market in Scotland, but no date has yet been given for rent pressure zone legislation to come into force.
Cllr Campbell added: “Housing in Edinburgh is too expensive for many of our residents which is why, as a council, we have many policies that are facing into this.
"We made the case for the short term lets legislation that has gone through the Scottish Parliament. We’re the first authority to put in a request for short term let control area, and this is covering the entire city.
"We’ve led the way in getting the legislation and we will lead the way in implementing because we urgently need to bring houses that are being used for commercial purposes back into use as homes for our residents.
"And just as we have made the case with Short Term Lets, we’ll be arguing that the housing need in Edinburgh is such that we want to work with the Scottish Government to implement rent controls as soon as we can, and for Edinburgh to be the first Scottish city to do so.”
