Riccardo Giovanacci, managing director of Newton Letting, said he has never seen monthly rents reach such high levels in his 15 years in the industry. 

He has also never seen stock levels dip so low, as enquiry levels go "off the scale" with around 250 a day, which he believes is causing the price increase. 

Rentals in the West End and city centre are "flying off the shelves", while properties in the £1000 to £2000 a month range, which would have been expected to take some time to let, are now going within a week. 

Riccardo said: "We recently listed a fairly run-of-the-mill property at close of business, and by nine o'clock in the next morning, we had 300 emails and had taken 30 phone calls about it. 

"I have never seen anything like it. 

"At the heart of the issue is the ongoing shortage of supply. 

"Only the other day, there were just 14 properties available for rental in the entire G12, West End of Glasgow, postcode. 

"In more normal times, there could be 14 properties in a single street."

He added: "Prospective home buyers are struggling to find a property and are turning to the rental market, adding to the natural demand from transient renters, up-and-downsizers and relocators."

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Chris Breckenridge, a partner at Corum Property, claims this change is also being reflected in the sales market. 

He said: “There are around 80 per cent more active buyers right now than there was this time last year with significantly less stock available; add to that the race to the bottom that we are seeing from lenders who are cutting mortgage rates across all products and you now have well-funded buyers competing for limited property, so classic supply versus demand economics have pushed house prices by as much as 16 per cent in areas in which we operate.”

Riccardo said the continuing buoyancy of the market will depend on whether or not there is another lockdown.