I READ with interest Rosemary Gallagher's article entitled 'Landlords demand higher rent as hesitant buyers ride the credit crunch' (Business, May 11).
As one of the oldest residential letting agencies in Scotland, our experience at the previous downturn in the market showed that, although rents increased as mortgages became more difficult and more expensive to fund, the rises were not excessive. Th
at was at a time when the rental market, as we know it now, was very much smaller and in its infancy.
We suspect that there will be many other economic factors that will affect demand and the rental of properties in the next year. For example, Polish workers returning home because of a change in the economic climate there, repossessions coming on to the rental market, world economic downturn affecting foreigners coming here to work and study in this country.
Landlords should not become too excited nor tenants too apprehensive at the prospects of booming rents. At the end of the day, rents are not dictated by landlords, they are dictated by the market in which landlords and tenants find themselves. If anything, we anticipate increases but of a more manageable kind than being suggested.
Brian Adair, executive chairman, Ryden Lettings, EdinburghThe full article contains 210 words and appears in Scotland On Sunday newspaper.
