Changes in the Scottish Rental Market
Changes in the Scottish Rental Market
The Tenant Deposit Scheme was introduced and safety measures implemented. Landlords should be aware that more changes are expected due to the Scottish Government making a better private rental sector.
The Tenant Deposit Scheme means that all deposits must be put into a central holding system rather than be held by the landlord or letting agent directly. Requirements for fire prevention in properties were also introduced to protect tenants.
The private rental sector is continuing to expand and is becoming an intrinsic part of the Scottish housing system. It is common to experience either a strong rental market or strong sales market; however, Scotland is seeing strength in both.
Scotland, particularly Edinburgh, is an appealing investment option, and an increase in demand for longer tenancies is seeing a growing sector. People need longer to save for deposits for buying a home and also favour the flexibility of the private rental sector.
Landlords, letting agents and tenants are welcoming the changes, which will make the sector fairer for all. The regulations hope to make tenancies more secure for renters and protect landlords and their tenants.
The Scottish Government is consulting with the public over the changes. The first consultation took place last year and the second consultation paper can be found here: http://www.gov.scot/Publications/2015/03/6142