Broad Rental Market Area Profile – North Lanarkshire
Note in the following text and charts that average rents that have changed within +/- 0.5% could be considered as being fairly similar to previous periods.
Average (mean) 2 bedroom rents in North Lanarkshire have been lower than the Scotland average in each year since 2010. This gap has widened since 2012, although has since narrowed slightly over the last two years, with the average rent in 2021 being £517 per month, compared to the Scotland average of £693.
Between 2020 and 2021, average rents have increased for all property sizes, with increases seen for 1 bedroom (0.7%), 2 bedroom (2.7%), 3 bedroom (2.5%), 4 bedroom (2.0%) and 1 bedroom shared (6.9%) properties, which compares to CPI inflation of 1.5% across this time period. Although some caution is needed when interpreting the changes over time for 4 bedroom and 1 bedroom shared property size categories, given the smaller sample numbers for these categories.
Between 2010 and 2021 average rents have increased for all property sizes, ranging from 6.8% for 1 bedroom properties to 22.6% for 4 bedroom properties, which compares to CPI inflation of 24.3% across this time period.
For 4 bedroom properties, since 2010 increases in the top end (upper quartile) of rents have generally been greater than increases in the bottom end (lower quartile), which has widened the gap in rents, although some caution is needed in interpreting this trend given the smaller sample numbers for this category.