The unique introduction of amenities and facilities has always been a distinguishing factor of the Build to Rent sector from all other forms of rental housing available in the UK. In fact, the ideology behind the creation of Build to Rent was the provision of a tenant-oriented housing system, as opposed to the conventional rental housing where landlord interests override that of the tenants.
Ever since its introduction to the London housing market, Build to Rent schemes have caught on like wildfire. The exponential growth of the industry in a short space of time can be ascribed to the inclusion of facilities and amenities within and around the development.
By focusing on making the housing as tenant oriented as possible through facilities, BTR developers have provided tenants with corresponding value for their rent. Consequently, It has become apparent that the facilities and amenities within a BTR development have come to play a crucial role in the success of the BTR schemes.
The Impact of Facilities or Amenities Can Have on A BTR
With a wide range of facilities and amenities like cleaning, maintenance, security, concierge services, parcel storage, restaurant, gym, lounge, private dining and many more, BTR has set itself apart from the conventional block flats. The following are the impacts facilities can have on the BTR scheme:
Placemaking
One of the biggest impact facilities have on BTR developments is the placemaking effect it creates within the development. Placemaking refers to the process of creating quality places that people want to live, play, work, and learn in. The placemaking effect of the facilities helps win over potential tenants.
Facilities and amenities improve the quality of life of the residents and they also have a way of encouraging a sense of community within the development. With the incorporation of amenities like gyms, lounge, private parking and concierge services, residents have more avenues to interact and establish friendships.
Higher Retention Rates
Getting tenants to sign up for long-term tenancies is crucial to the success of any Build to Rent development. BTR facilities are known to be instrumental in ensuring higher retention among tenants. And higher retention rates mean longer tenancies which help BTR investors achieve optimum levels of return on their investments.
According to the 2021 Build to Rent Report from HomeViews, Facilities such as gyms and lounge and concierge are a big part of the appeal of Build to Rent schemes and can be instrumental in helping them to attract and retain residents.
Hence, having facilities that are beneficial to residents is bound to have a positive impact on any BTR development.
Most Sought After BTR Facilities or Amenities of 2021
In 2021, where more tenants spend more time in their apartments than outside due to the shift to working from home due to the coronavirus pandemic. Tenants’ need when it comes to facilities and amenities has shifted from what it was years ago.
Currently, which of these facilities are the most sought after by potential renters and will draw the highest rental price.
Communal Spaces
The inclusion of communal spaces, whether inside or outside a BTR is non-negotiable. This is one of the facilities that distinguish BTR from conventional flats. Communal spaces like lounge, restaurants, roof terrace and gardens boost placemaking and community spirit within the development.
As they allow residents to change scenery and mingle with other residents in a relaxed atmosphere. With the strain coronavirus has put on social interactions, communal spaces have provided residents quality social value. On the HomeViews report, residents said that gardens or roof terrace had become more important during the pandemic. Especially, with the rapid shift to work from home, these BTR facilities have a significant impact on tenant’s choice.
Concierge Services
This is the most basic requirement tenants expect from a BTR development. There is hardly any BTR scheme you would find without the provision of concierge services. HomeViews 2021 report representing 40% of occupied BTR development showed that 82.1% of the analyzed development offered concierge services.
The resident reviews on HomeViews concierge staff have an immense impact on the success of any BTR development, as it boosts a developments star rating by 4.8% on average. Even the top-rated BTR developments go a step further by offering 24/7 concierge services.
Gym
A gym within a BTR development is the third most sought after facilities of a BTR development. The provision of a gym within a development according to the HomeViews report, is a key difference between the top 10 and the bottom 10 BTR developments.
With more people working from home, staying fit has become a lot difficult except with the provision of gym facilities for residents within the development. According to HomeViews 2021 report, the presence of a gym had the biggest impact on BTR developments ratings, with an average of 9.4% increase.
Pet-Friendly
Pet ownership has soared high in the last year. Especially with the coronavirus pandemic & lockdown, more people have found comfort and joy with their pets. With BTR’ tenant-oriented philosophy, it is only proper that the developments make their apartments and spaces pet-friendly.
Property Academy Tenants Survey 2019 reports have shown that residents are willing to premium or higher rental price for pet-friendly BTR developments. With 43% of couples deeming pet-friendly apartments worth a rental premium.
Events
Amenity spaces like private dining, event centre, or cinemas provide residents with the flexibility of hosting their guests in the communal spaces available within their building. Also, BTR managers have integrated the provision of occasional events within the developments to foster a sense of community among the residents. Events like Moda Living’s Summer Screening or Quintain Living’s Supperclub. These events are mutually beneficial for the developers and tenants, as creating a community for the tenants can lead to higher retention rates of the BTR units.
Parking
Adequate parking facilities and security is another fundamental requirement of BTR development, with almost every development making provisions for parking. With seven of the top 10 BTR developments providing for various parking options.
Finally
It has become apparent that the facilities provided by BTR developers contribute significantly to the success of the BTR development. With the changing tenant needs, certain facilities and amenities carry more importance over others. As investors in the BTR sector, staying ahead of these changes will guarantee the long-term success of your BTR development.
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