In a fast-paced rental market, properties move quickly. In Edinburgh, rental properties typically let within two to four weeks during peak season, which tends to run from late spring through to late summer. This period is the busiest for the rental market with university students settling in before a new year of study, professionals relocating for work, and families making summer moves before the new school year begins. In peak season, it’s not unheard of for us to turn properties around in as little as five days from marketing to move-in.

Outside of peak season, the market slows and we need to work that bit harder to fill properties. During this period, there is a notably smaller tenant pool so our focus shifts to match this new landscape. At this time of year, we work closely with quality tenants to meet their needs and secure successful lets. 

At Chapmans, we’re dedicated to helping you understand the current market trends and guiding you in your landlord journey. Here, we explore why the market slows around this time of year and suggest strategies to boost your chances of securing the right tenant.

What causes the market to slow down?

The rental market in Edinburgh always slows down over the winter period (between November and February), but there are several factors that seem to be further contributing to the slowdown in 2024.

Extended October holidays

The Scottish school holidays have spanned almost the entire month of October this year, with different regions having breaks at different times. As a result, families and potential tenants are preoccupied with holidays, delaying decisions about moving or renting.

Upcoming budget and economic uncertainty

With the looming budget, many people are uncertain about their financial situation right now. Tenants may be postponing major decisions, such as moving house, until there is more clarity.

An early start to winter

The onset of winter slows the rental market as people typically avoid moving during colder months. This year, winter looks to have arrived sooner (and more rapidly) than usual. There’s a natural inertia that comes with colder seasons, and we’re seeing that impact the number of enquiries coming in.

US election impact

Even though it’s not local, the global uncertainty of the upcoming US election is playing its part. Its potential impact on jobs and relocations means that some tenants, particularly those moving to Edinburgh for work, are holding off on making commitments until the results are known.

Increased supply of rental properties

In the aftermath of Edinburgh’s festival season and with the introduction of new short-term licensing rules, we’re seeing a significant increase in the number of properties available for long-term let. Areas that are typically prime spots for holiday lets (mainly in and around the city centre) now have more rental stock on the market, creating additional competition and oversupply.

How can Chapmans help to let your property faster? 

In the current climate, letting properties has become more challenging, but there are steps we can take to help you find the right tenants quickly.

Tailored marketing

We carefully review the type of tenant your property would best suit and tailor our marketing accordingly. For example, if your property is likely to be most attractive to young professionals, we’ll focus our marketing efforts on platforms and networks most popular with that demographic.

‘Winter Warmer’ incentives

A “Winter Warmer” incentive involves offering a short-term rent reduction (such as a three-month rebate) to attract tenants, while maintaining the original rental value in the lease. With the current rent restrictions in place, reducing rent significantly isn’t an option but these temporary incentives can make a big difference.

Maximising property appeal

Simple adjustments can make a property more appealing, especially during darker months. For example, if a property has less natural light due to its location, we could switch to brighter light bulbs to create a warmer, more inviting atmosphere. These small changes can make a significant difference in viewings.

Virtual staging and photography

If tenants aren’t booking as many in-person viewings, online presence is key. We can offer virtual staging services  and actual staging to enhance your property’s online listing, ensuring it stands out from the crowd. High-quality images and virtual tours can attract more interest and give potential tenants a better sense of the space without the need for an immediate visit.

Flexible viewing arrangements

We’re making every effort to accommodate tenants’ schedules, offering flexible viewing times. It can make a significant difference in a slow market.

Consider allowing pets

Pet-friendly properties are in high demand but the supply is limited. Allowing tenants with pets could open your property to a wider audience, increasing your chances of finding the right tenant more quickly.

We understand that a slower market can feel frustrating, especially for new landlords who have recently put their properties on the market and need to get them let quickly. By reviewing your property’s marketing strategy, offering incentives, and working closely with us, we can still find the right tenant for your property and let it swiftly whilst balancing the realities of the current market. If you have any questions or would like to discuss options for letting your property faster, feel free to reach out to us. We’re always here to help.