The Build-to-Rent sector is growing from strength to strength, and that's great news for renters and the rental market in general. The best Build-to-Rent operators are creating a renter-friendly environment where everybody wins, providing more choice and high-quality homes.
But what's driving the Build-to-Rent boom that currently has 150,000-plus buildings either completed, in development or granted planning permission here in the UK? There is a set of components that make up the crux of Build-to-Rent, and they're essential to ensuring that it remains an excellent option for renters.
In this article, we're looking at what's driving the Build-to-Rent boom, including aspects like its renter exclusivity, technology-driven approach and five-star amenities.
Top-level operators that get renters
There are tons of great operators out there, curating a holistic living experience just for renters. It's one of the primary reasons why Build-to-Rent is proving to be such a success, as brands like Greystar, Tipi, Essential Living and many more understand the needs of modern-day renters.
The result is a set of Build-to-Rent communities that offer more than your average home. Whether it's regular renter events, an emphasis on social spaces or great people working around the buildings (usually it's all three and more), this is the first time renters are receiving an experience that's designed for them – and it's top-level operators helping to create the charge.
The in-life tenancy is arguably the most important part of renting, as it's the core of a renter's living experience. The majority of Build-to-Rent developments emphasise technology to manage the in-life tenancy, which makes everything more seamless and transparent.
This is great news for renters and shows how tech is evolving the rental market. Most renters are tech-savvy, and having an app or system to report maintenance issues, book social spaces and communicate with building managers makes everything that much easier.
A service built on people
While technology is vital for making processes smoother, there's still an essential need for service. Most Build-to-Rent communities have on-site managers or concierge team members who are the face of the buildings, and they help tie everything together.
These hard-working employees are there to ensure everything is running as it's supposed to while helping renters with queries they may have. The human element is important, as it ties into the community feeling found in these buildings.
A sense of community
Build-to-Rent and Co-Living spaces place community above all else, and this ideal ties into the modern-day renter's mindset. Of course, privacy is still relevant. But the on-site social spaces at these buildings do a great job of bringing people together.
A sense of community is especially important in big cities like London and Manchester, where it's easy to feel isolated and alone – especially if you're coming from outside of the city. Build-to-Rent solves this problem by focusing on the community, and it's arguably the main driver behind the concept's success.
Last but certainly not least is the on-site amenities. Aspects such as fitness studios, residents' lounges, co-working spaces, screening rooms and even dining areas add to the sense of community while offering renters so much more than a desirable apartment to call home.
Having the option to pop downstairs and enjoy a full workout or get away from your apartment for a few hours to catch up with other residents in the lounge adds another dynamic to Build-to-Rent living, and it plays a key role in making these buildings a community.
Build-to-Rent and beyond
As the renter experience evolves, these Build-to-Rent options will continue to cater to the 21st-century renters' needs with flexible contracts, pet-friendly homes, on-site amenities and a genuine sense of community that is inclusive and encouraging. They're all winning strategies that are behind the Build-to-Rent boom.