Community. Wellness. Lifestyle. Three concepts that all Build-to-Rent operators adhere to in their efforts to offer value to modern-day renters. You’re well aware of renters’ needs. It’s why you’ve created these awesome communities.
Yet, as the sector rises (Build-to-Rent stands to take over a quarter of the UK private rental market), so too does the competition. The number of completed Build-to-Rent homes rocketed to 51% in 2019, which equates to around 10,000 new homes.
Renters have never had so many options, which is why you need to make your community stand out from the crowd. We’ve put together these top tips to help you differentiate your Build-to-Rent offering from other communities.
Location, location, location
Embracing your postcode is the easiest — and arguably the best — way to offer a unique service to your renters. Location is vital to the success of any Build-to-Rent home, and it will set the tone for the type of community your building attracts.
Many Build-to-Rent homes offer similar services, but the postcode stands alone. Tie a neighbourhood’s uniqueness in with your own tone of voice, and you’re well on your way to creating a distinct culture that only your building can offer.
Work with local neighbourhood schemes and partner with businesses to provide a genuine sense of community that renters can embrace. Encourage them to be ready for a distinctive living experience from the minute they get the keys.
Engage, engage, engage
The majority of Build-to-Rent developments might have an on-site gym or a residents’ lounge. But it’s how you utilise those features that helps differentiate from other communities. Is your gym solely a place where residents go to get fit, or is it a hub for pushing each other to achieve more?
Hold events that bring everyone together and encourage participation, such as regular fitness classes. Who needs Peloton when your whole building is putting the pedal to the metal in a spinning class?
Community interactions hold the key for better experiences, whether fitness or events-realeted at the lounges and communal rooms. You can stand out as not only a great Build-to-Rent home but also a top-notch event planner that gets your building rocking.
Community living is all about the lifestyle, and one of the ways to achieve the ultimate living experience is through the inclusion of options. Build-to-Rent works particularly well with other tenures, such as on-site retail spaces and other commercial opportunities.
“Co” is the keyword, whether it’s co-living options, co-working spaces that encourage collaboration, or just more interactions. A community shouldn’t be closed to others. Instead, it should be the lifeblood of the public and act as the foundation for better relationships. And yet, there still needs to be an element of privacy.
Talking of privacy, make apartments as unique as possible. Different options attract more personalities, which helps build on community and uniqueness. If your building has 250-plus units, let renters put their own touch on interiors. You’ll be surprised by the impressive results.
It’s all about the details
Your Build-to-Rent building features all the latest amenities, such as snazzy gym, luxury lounge and maybe even a cinema room. And, while the amenities are on point and easy on the eye, everything behind the scenes should function just as well.
Service helps you stand out head and shoulders above the rest and create a seamless living experience for renters. A major part of that is the tech used to communicate with renters. Elements like requesting repairs and getting information on the building should all be easily accessible through an app that only needs a few clicks.
Providing a concierge service adds an extra layer, and allows you to create a personalised experience for your residents. Immerse your residents in the building and provide them with key tips for getting started, as well as info on what’s happening in the neighbourhood. Buildings might offer similar amenities, but service is individual.
There’s no right or wrong way to do Build-to-Rent. But having a single-phase building can help speed up the connection between residents while helping to foster a community. It’s harder (though not impossible) to create a sense of community over several buildings.
One single-phase, however, provides a space where renters can interact in smaller sample sizes. This leads to a stronger feeling of togetherness, which creates its own identity — one that will act as the foundation of your Build-to-Rent home.
The best around
There’s no denying that Build-to-Rent will continue to be one of the most vital aspects in the UK housing market. As the sector grows, the competition to provide high-quality homes will only increase. This is great news for renters and provides a fantastic opportunity for you as a Build-to-Rent operators who rise to the occasion and cement your position as one of the best around.