Generation Rent has become an essential part of the UK property market, and Build-to-Rent is helping facilitate homes for those who chose to rent as a lifestyle. With the sector set to grow by a whopping 180% in the next few years, it’s exciting times for renters and Build-to-Rent operators.
The number of Build-to-Rent homes is on the rise, with 150,000 now either completed, under construction or greenlit for planning. There are plenty of perks for renters moving into homes exclusively designed for them, but what about the Build-to-Rent operators?
If you’re in the game of building to rent or are thinking about constructing a community, you are probably thinking about the practicalities around Build-to-Rent. Well, wonder no more, as we’ve put this handy guide together that looks at the great perks of Build-to-Rent.
A housing shortage solution
The UK is in desperate need of housing, with demand skyrocketing. Previously, ideas have included things like modular homes because of the speed at which they can be built. But one solution that’s already well underway is Build-to-Rent.
Build-to-Rent communities have a key role to play in offering housing, especially in large cities like London and Manchester. As a growing number of people choose to rent as a lifestyle, demand for rental accommodation will continue to rise.
London, for example, is set to be made up of 60% renters by 2025, and Build-to-Rent will ensure there are high-quality housing options available for the growing number coming to the market.
A genuine sense of community
Creating togetherness and a sense of community isn’t something that can be fabricated. It needs to feel authentic, with people coming together out of a desire to interact. And the Build-to-Rent appeal means that buildings tend to fill up faster, which creates an environment where renters can mix together effortlessly.
On-site amenities like lounges, dining areas, cinemas and gyms all help to create a genuine feeling of community, where renters can interact with each other. These spaces allow renters to let their home become more than the sum of its parts, turning into a fully-functioning community.
Fewer void periods
If knowing that Build-to-Rent homes can find occupants up to 2.5 faster than properties built for sale wasn’t enough of a perk, how about their ability to reduce void periods? Tenancies are lasting longer in general, but the Build-to-Rent model is designed exclusively for renters and provides a seamless renting experience.
Tech-enabled features that allow for maintenance reporting and communications with team members in the building, plus the on-site social spaces, provide a holistic renting experience and happier in-life tenancies. The result is renters staying for longer and fewer void periods.
It’s unusual for rents to dip over a sustained period of time. There might be ebbs and flows here and there, but overall, market rents stay consistent. That’s great news for Build-to-Rent operators, who can feel confident that their building will continue to achieve market rents in the long-term.
Having an idea about income streams helps with other aspects of running a Build-to-Rent community. These include operating costs, potential investment opportunities and analysing the general long-term potential of the building.
Access to a specified market
Marketing your Build-to-Rent community will be key to fast lets. Here at Movebubble, we have access to 700,000-plus renters who use features like Movebubble One, which focuses on Build-to-Rent communities with in-depth guides of the building, on-site spaces and fun things to do and see in the local neighbourhood.
Home Walkthroughs and Instant Booking speed up the rental process, offering renters the chance to view a property and pay the holding deposit without even leaving their couch. We’re a renter first platform, which means our goal is to put verified renters into great homes like your Build-to-Rent community.
The Build-to-Rent boom
There’s so much scope for build-to-rent to become the de facto renting option on the market, and it’s already well on its way there. If you’re a Build-to-Rent operator, now is a great time to make the most of perks associated with the sector and provide five-star homes for renters.