Build to Rent - Turning City Living into a Serviceon
The demand for city centre living remains strong but like shopping on the High Street, its becoming much more about the experience.
Build To Rent (BTR) is still in its infancy in the UK, but there is no doubt the attraction of institution owned and managed accommodation is here to stay.
In addition, BTR operators are disrupting the traditional market in a number of ways, by offering no deposits or fees and flexible periods.
However, where they are really setting out to challenge the status quo is on amenities and community.
Offering retail outlets, 24 hours on-site gym, free quality WiFi, residents’ lounge, Amazon lockers and parcel collection amongst other things; clearly focussing on having facilities available for residents. Some will offer family accommodation including child support such as nurseries, creches etc.
Clearly this sort of infrastructure will only become possible with economies of scale and likely be provided by sites that provide a large number of accommodations.
Whilst communities are created by people, the BTR operator will be looking to create a climate and infrastructure that encourages and supports neighbours living in harmony. So, people stay because they make friends and enjoy where they live.
Ultimately, one could say that BTR could turn city centre living into a service sector.
To read more articles on the property sector from Nick Symes, Director of Property, please visit: