Even with all the uncertainties of 2020, the Build-to-Rent sector still finds itself in rude health. There were 51,000 completed communities by the third quarter of the year, with more than 100,000 either in construction or planning.
The numbers point to an exciting 2021 for Build-to-Rent, with strongholds in London and Manchester set to grow further, along with other locations entering the fray. It's exciting times for Build-to-Rent operators and renters alike, and homes designed exclusively for renting could become the de facto way to rent in the UK within a few years.
Looking ahead to the next 12 months, we can expect some new trends in the Build-to-Rent sector, as well as a continuation of current successes. And in this guide, we're looking at the Build-to-Rent market in 2021 and what's in store for the future.
A stronger emphasis on community
One of the biggest strengths of Build-to-Rent lies in its community-led setups. Expect to see an even stronger emphasis on community in 2021, as operators work hard to create living environments that offer a holistic renting experience.
Social spaces, such as gyms, terraces, cinema rooms, co-working and lounges are already a big draw. And we can expect to see an evolution of these in communities, creating five-star spaces that further add to the quality of Build-to-Rent homes.
As operators take it to the next level, expect to see an increase in things like swimming pools, spas, games' rooms, evolved co-working and outside spaces.
London and Manchester hotbeds
Build-to-Rent is mostly concentrated in London, with Manchester coming in a close second. This trend looks set to continue, with prime areas in London, such as Nine Elms and Canary Wharf, offering high-end Build-to-Rent communities.
Investment in Manchester continues to pick up the pace, and it's considered one of the best areas in the UK for investment: the population is set to expand by 100,000 in the city centre alone. Along with Manchester and London, Birmingham and Liverpool will also see more units from the Build-to-Rent sector.
Technology will lead the way
The overwhelming majority of Build-to-Rent communities rely on technology to enhance in-life tenancies. Renters have seen an improvement during their tenancies, with the ability to request maintenance repairs, communicate with concierges and book social spaces for private use.
Over the next 12 month, the dependency on technology will evolve and should make for a seamless renting experience. Things like artificial intelligence and automation of easier tasks mean a better experience for renters and an increased focus on human service for Build-to-Rent professionals.
As well as an increase in the number of Build-to-Rent communities on offer, the type of homes available should continue to offer greater variety. Co-Living is already seeing a boom, while we can also expect more houses in the sector – ones that form part of a larger community.
More options is great news for renters who want to experience different living environments. As Build-to-Rent expands, the spaces on offer will help create even more refined homes where everyone feels like they're a genuine part of a community.
An exciting future
The future is bright for Build-to-Rent, with the sector set to increase exponentially. That's great news for operators who want to provide five-star homes for renters and create long-lasting communities that embed themselves in the local neighbourhood. Not only is Build-to-Rent here to stay; it looks like it could become the primary way of renting, starting in 2021.
Get in touch
Renters' ability to find these Build-to-Rent homes will also become easier, especially with platforms like Movebubble focusing on the best Build-to-Rent communities. We offer renters the chance to find, view and secure their home with the Movebubble app while offering Build-to-Rent community reviews that offer an in-depth guide into each space.