The firm found that Scottish annual private rental prices increased 4.9% in the year to February 2023, compared to 4.5% in England and 4.2% in Wales. This marks the highest monthly figure for Scotland since data collection began in 2012, even surpassing the latest London average increase of 4.6%.

Scotland experienced a higher increase than other UK nations since the rent freeze was introduced in September 2022. However, from 2015 until recently, Scotland had the lowest rate of rent increase among UK nations. England saw a 17.9% increase in average rents, Wales a 12.1% rise, and Scotland 11.5% since 2015.

David Alexander, CEO of DJ Alexander Scotland, noted that the rent freeze policy has led to an inevitable and predictable increase in average rents. He emphasised the need for the Scottish Government to collaborate with the private rented sector to develop mutually beneficial policies.

Mr Alexander said: “These latest figures show that without appropriate action to increase the supply of homes in the private rented sector prices will continue to rise.

“Demand is already at a premium and there are no signs of this decreasing, so we need to encourage more homes into the marketplace, build strong relationships with landlords and property investors to ensure that tenants have greater availability of properties in the coming year. Doing nothing will simply not cut it.”