RENT prices across Glasgow have increased dramatically due to a shortage of properties available through the private rental sector. 

The latest research from letting portal Citylets has revealed the average monthly rent in the city rose by 15% to £974 in the last three months of 2021. 

Meanwhile, the firm's quarterly report also shows properties during this time were being snapped up at record speeds, with 60% of properties being let within one week and 94% taking just one month to be let.

The average time to let was just nine days, a sharp decline from 20 days the previous year. 

READ MORE: Glasgow movie location impact on businesses and residents should be managed, say councillors

By postcode, Glasgow's rental hotspots for one-bedroom properties were G3 and G11, where the average time to let was only six days. 

For two-bedroom properties, the most in-demand postcodes were G1 and G31 which also had an average time to let of six days. 

Scotland-wide, the average monthly rent price increased by 5.2% to £869 in the same three months, while 40% of properties were rented within one week and 83% within one month. 

However, there are fears many landlords are planning to sell up while the sales market is buoyant, meaning there could be a further shortage of available homes. 

Brian Gilmour, from independent letting agent Indigo Square in Glasgow, said: "The biggest issue affecting the Glasgow rental market has been availability of stock.

"House price rises have allowed many landlords to ‘cash-in’ and take profit out of their properties, however, these sold properties have not been replaced in sufficient numbers and we have seen a shrinkage in the Private Rented Sector (PRS).

"This shortage has been compounded by the impact of Covid and the lack of people moving, plus restrictions on evictions limiting abilities of landlords to move on tenants.

"For some time, the PRS has been an essential part of Scotland’s housing tenure but reduced supply and continued high demand has seen rents rise and time to let drop dramatically."

READ MORE: 'Three generations' of volunteers clean up Linn Park in the Southside of Glasgow

Colin MacMillan, managing director of Glasgow Property Letting, said: "The PRS in Glasgow is suffering from an acute shortage of properties which is leading to hyper-inflated rental values being achieved throughout the city.

"Post COP26 there is still exceptionally high demand across all sectors and lack of supply meaning that many prospective tenants are not going to be able to choose their locations and may be forced into accepting properties in areas outwith their chosen criteria just to secure accommodation."