THE age-old economic rule of supply and demand is pushing up rental prices in Glasgow according to those in the business.

Rents have rocketed over the last decade but in the last few years there has been fewer flats available.

The most recent Citylets report into the market in Scotland found the market had shrunk.

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It reported: “Competition for property to rent was frenzied in many locations sending rents significantly higher.”

On the Glasgow market specifically, landlords have been selling up – reducing rental stock.

Brian Gilmour of letting agents Indigo Square gave his analysis of the report.

He said: “The biggest issue affecting the Glasgow rental market has been availability of stock.

“House price rises have allowed many landlords to ‘cash-in’ and take profit out of their properties, however, these sold properties have not been replaced in sufficient numbers and we have seen a shrinkage in the private rented sector [PRS].

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“This shortage has been compounded by the impact of Covid and the lack of people moving. Plus, restrictions on evictions, limiting abilities of landlords to move on tenants.

“For some time, the PRS has been an essential part of Scotland’s housing tenure but reduced supply and continued high demand has seen rents rise and time to let drop dramatically.”

One reason for increasing rents is a reduction in the supply of private rented homes not matching the demand, according to landlords.

The Scottish Association of Landlords (SAL) says that many are leaving the sector or reducing the number of properties they let.

They also feel that private landlords are being unfairly criticised and branded as a problem within the housing market.

John Blackwood, chief executive of the SAL, said: “The private rented sector plays a key role in providing good quality housing in Scotland. Those who think anti-landlord rhetoric is doing anything other than making it harder for people to keep a roof over their heads are kidding themselves.

“Our members are very clear. Demonising landlords is leading to fewer homes being available to rent in the coming decade.

“We also know that many renting tenants are normally not in a position to access home ownership. Tenants who cannot access the private sector will only pile pressure onto already strained social housing and homelessness services.

“Increasing the supply of rented accommodation is the only way forward.

“The Scottish Government needs to support private landlords and encourage investment in the sector while building more social homes to rent and doing that a lot faster. Otherwise far from tackling Scotland’s current housing crisis, we will only see it get worse.”