The current average rent in Edinburgh is £1,087 per month. Rent levels can vary significantly depending upon the size, location and condition of a property, so it is likely you will be able to find a suitable property, no matter what your budget is.
|Average rent||Change 1 year|
|1 bedroom||£758 pcm||+6.3%|
|2 bedrooms||£986 pcm||+3.8%|
|3 bedrooms||£1,417 pcm||+5.0%|
|4 bedrooms||£1,990 pcm||+6.8%|
What rent can you afford?
When looking for a rental property for the first time it is important to start with a clear budget, so you know which properties you can realistically afford before you begin to book viewings.
If you are renting through a letting agent, you will most likely be referenced checked. At Clan Gordon, we reference every adult who will be living in the property. An affordability check is carried out as part of the referencing process to ensure that your income will sufficiently cover the rent. To pass the affordability check the combined annual household income must be more than 30 times the monthly rental amount.
To calculate the maximum monthly rent that you would pass referencing for, divide your combined annual income by 30. For example, a household income of £30,000 per year would be sufficient to rent a property priced up to £1,000 per month.
In cases where you don’t meet the affordability, it may still be possible to rent the property if you have a guarantor. Speak to the letting agent in advance to check their policy on using a guarantor.
In addition to the monthly rent paid to the landlord, in most cases, you will also be responsible for the following costs;
The amount you are required to pay for a deposit varies from property to property, the exact figure should be included in the online property advert. The deposit will be held in a Government approved scheme for the duration of your tenancy and will be returned when you move out after any costs for damage or cleaning have been deducted.
First months rent
In addition to the deposit, you will also have to pay your first months rent in advance when you move in. This is worth remembering as the two amounts combined can be a considerable sum.
As the tenant, you are responsible for paying the council tax. The council tax band will be displayed in the property advert, or you can search using the property address on the Scottish Assessors website. Contact the Council directly if you are exempt from paying council tax.
It is usual for tenants to pay for utilities, such as gas and electricity, when renting through a letting agent. Your letting agent should contact the utility providers to switch the accounts into your name when you move into the property, check with them to ensure this has been done.
Most letting agents will be happy for you to change the utility supplier, if you find a better deal elsewhere, as long as you change it back before you move out. Always check with your letting agent before changing.
The monthly cost of utilities will vary depending upon your use, however, you can check the properties energy efficiency rating, which will be included in the property advert. A property with a low EPC rating (A-C) should cost less to heat.
Your landlord will have insurance for the property itself and any contents belonging to them, however, you are required to insure your own items.
Other monthly costs include broadband, telephone and TV licence.
Moving out costs
If your property was professionally cleaned when you moved in, you will have to have it professionally cleaned before you move out to ensure you don’t have cleaning costs deducted from your deposit. You can check the level of clean when you moved in using the inventory.