Four reasons to be cheerful about Build to Rent
Quintain Living has been doing some research among its residents and the results are interesting. The sector has cause for optimistic about the coming year according to the BTR provider. Here’s why.
First, it’s a renter’s market. This means that the landlords offering the best in space, services and amenities will be best placed to capitalise on growing consumer confidence and increased demand from people who are being tempted away from buying a home by market uncertainty and into the rental market instead.
Second, working from home has stretched our needs beyond the more obvious demand for super-fast broadband or modular, open-plan living. Single-occupancy residents are increasingly looking for more space than they would have opted for pre-Covid, with more people showing an interest in three-bedroom apartment leases. Add to this the attractions of the kind of shared office amenities, private office/writing sheds and conference space available from BTR providers and the sector looks like an attractive choice for renters who anticipate that, for them, remote working is here to stay - at least for the foreseeable future.
Third, as well as workspace, BTR blocks also provide plenty of opportunities for socialising. Of course this is not a priority at the moment but as the vaccine rollout continues and life returns to some semblance of normality (we hope) those insta-friendly indoor and outdoor spaces will, once again, be a big selling point along with the other communal amenities that BTR is known for.
As the pandemic took hold last year, the need for social distancing raised questions around the continuing popularity of a housing sector that is built around community. However, this fear has proved misplaced and Quintain predicts a BTR-led rental renaissance. Their research shows that renters in 2021 will want more than just a great apartment - they want all the added extras like their own concierge, climbing walls, rooftop cinemas, private play parks and gardens, or stylish clubhouses to meet friends for coffee or cocktails.
So the fourth plus point for renters living in the BTR sector is that their rented home comes with some or all of these amenities in a way that home ownership doesn’t. As a result, Quintain is expecting demand to grow beyond traditional professional renter groups to young families and retirees – and 2021 could be the year when this diversification really takes off
Author : Maryanne Bowring
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