Revisiting Build To Rent
In our previous blog we looked at the Build To Rent (BTR) sector – how it’s developed and the future role of BTR in the property market. Posited as an innovative, flexible approach towards renting, we’ve pinpointed some of the key benefits of this new standard of everyday living below:
Various price points:
While Build To Rent seems to be predominantly for high-earning professionals, some developers like Dolphin living offer a range of rental levels. As reported by ITV news, the government recommends that 20% of new BTR schemes should cater towards those paying social rent. Developments like Chesterfield House in Wembley Park follow suit, offering a range of discounted rents in 103 of the 239 new homes built. This fulfills the housing demand for those who don’t meet the criteria for affordable government housing but are also not ready to be homeowners.
Whether you’re a senior citizen looking to retire, or a mother of two kids, BTR buildings can cater to a diverse range of people. As the sector expands, so do the types of homes built. From being pet-friendly, on-site nurseries, communal events, and extra acoustic insulation, Build To Rent developments can offer a variety of options to suit your needs – whatever stage of life you’re at.
Location Location Location:
Buying in and around any major city is expensive, and with many BTR’s located in prime locations, the commute to work, the grocery store, or the nearest tube station is made all that much easier. In cities like London, many residents can take full advantage of the nightlife, scenic sites, and portfolio of restaurants on offer – not to mention some gorgeous views of the city!
No more unanswered calls or landlord disputes. With Build To Rent homes, the professional management and emphasis on customer service serves to retain clientele. In turn, tenants can have more confidence that issues will be quickly and efficiently resolved. Residents at many BTR’s, like Argo, can also rest assured with a 24-hour concierge and management team.
In a post-pandemic world, the notion of community and connectivity has become more important than ever. Many Build To Rent developments offer these communal spaces – including a range of workrooms and well-equipped gyms for fitness enthusiasts. With other amenities like a games room, private cinema, roof terrace and reading rooms – BTR homes for many can feel like a home with the advantages of a hotel. Residents can also book dining rooms for dinner parties, as well as other spaces for private events.
The Build To Rent model encourages operators to ensure high occupancy rates and limited periods of vacant homes. Thus, for those who wish to sign longer tenancies, the option is available. This eliminates the possible risk of eviction that can occur when privately renting via a private landlord, as tenants have the guaranteed option of extending their tenancies. Efforts are also made to ensure increases in rent are predictable and kept to a minimum.
The Build To Rent sector relies on generating long-term income and therefore must garner long-term interest. Thus, developers have a vested interest to nurture the surrounding public realm and the wider community that surrounds the development. Consequently, the incentive to create and sustain top-quality places is fostered, as the reputation and strength of their brand relies heavily upon this. This ensures tenants receive the best service possible, as their accommodation is tied with the management of the public domain and commercial spaces within the development that attract the wider community.
Ease of Adulting:
A broken boiler or leaky tap? Many BTR’s offer the convenience of an on-site caretaker who can fix minor repairs and ensure facilities are working and up to par. In some cases, utility bills and high-speed wi-fi are included in the rent, while system apps for dry-cleaning services or room bookings makes day-to-day organisation just that bit easier. In Build To Rent constructions like Essential Living, major bills – electric, heating, water and WiFi – are sorted for you and packaged into one monthly payment, making bills hassle-free and saving time.
Always wanted an excuse to buy that wooden pot from IKEA? Despite the premise of being a rented home, many Build To Rent developers allow for personalisation (to various extents). Between the choice of unfurnished and furnished flats, developers like Essential Living have crafted their spaces with individuality in mind, so that “if you pop next door for a coffee, that apartment will be different to yours.” From artwork to soft home furnishings, their handy design guide also provides a wealth of ideas for renters looking to incorporate their own personal touch. According to Tom Grey, BTR Director of David Philips, the shift to home working has also introduced configurable furnishing options. Residents can personalise their space – such as switching a second bedroom to become an office if required.
Summing it up:
Overall, there’s no denying that Build To Rent developments have a variety of perks that can elevate your renting experience. Depending on your needs, location and budget, this emerging sector is a viable option for those looking for more flexibility than that which is typically afforded by private renting. While the affordability of many BTR’s can still be called into question, it’s worth taking into account some of the key benefits when considering if Build To Rent is the right fit for you.
Want to find out more? Check out our article on the Hidden Dangers Of Rent To Rent For Landlords.