A survey conducted by the Office for National statistics between April 3rd to May 3rd 2020 revealed that renters felt more affected negatively by the lockdown. People falling under the category of young people aged between 16-24 stated that they were affected by what is termed, ‘lockdown loneliness’.
The importance of building a sense of community on human health and well-being cannot be over-emphasized. It enhances individual confidence, safety and creates a healthy sense of unity and connection with other dwellers within the community.
The global scourge of the coronavirus pandemic in the year 2020 caused government-enforced lockdowns all over the world with necessary restrictions including social distancing and staying indoors. These measures were enforced to curb the spread of the virus but intensified the need for human connection and contact.
Demographic change, for instance, influences the sky-rocketed increase in demand for longer-term agreements. Property Investor Today reported that the largest share of the population of tenants in BtR residencies consisted of young people within the age range of 26 and 35. About 40% of this category required choosing their accommodations near key locations and amenities like schools and hospitals as they have dependents such as children and aged relatives. A good number of the residents also comprises elderly divorcees and retirees seeking improved flexibility, lesser maintenance and communal connections.
Making Friends
According to reviews featured on Homeviews, many tenants of BtR buildings said they forged friendships with other tenants as well as members of their building’s management team. Here is a statement from one of the reviews:
“The guys at Duet are considered friends now – everyone is so lovely. There is a great sense of community – people here care about you and how things are going in your life […] You will enjoy a splendid apartment with a gym, coffee machine near reception, common terrace, yoga and PT facilities and much more – private events such as wine tasting! What more could you ask for?”
Events
The development of Build-to-Rent companies is crucial in building and maintaining strong communities. They offer events aimed at improving social interaction among dwellers by helping them to meet new people, make new friends and build meaningful relationships.
Technology
The social demographic and cultural changes that come with advancing technology at break-neck speed and global challenges like the Coronavirus pandemic have all brought with them, the need for innovative approaches to building relationships and vital social interactions. BtR developments work tirelessly to tackle these challenges by forging a sense of community for their residents.
According to Jeremy Heath-Smith, the CEO of Spike Global, one of the innovative ways of building communities with BtR is Spike Global, a property software for connecting management teams with residents. This method has been highly beneficial during the pandemic-induced lockdown last year. It has also helped to create strategies for the lockdown and improve the community atmosphere among the residents. He also made the following comments about Spike Global:
“Spike Global’s Customer Success Team helped providers put together lockdown strategies. This included the set-up of COVID specific forums for residents to support one another and find out important information. The forum showcased neighbours supporting neighbours within blocks and schemes and really helping each other through the crisis.
Our portals have always encouraged social interaction and created a community within developments, but in the last 12 months, we really saw the side of our portals come into their own.
Friendships were blossoming and more importantly, residents were finding the support they needed. We saw community engagement across our portals rise by over 700% during the first lockdown.
As well as connecting residents to one another our portals kept residents connected to developers, property managers, concierge and front-of-house staff. With face-to-face- interactions off the cards, this proved crucial.”
Improved Tenant Experience
Tenants are more likely to stay in residential areas that boost their sense of community and social interaction due to the satisfying feeling of being a part of something larger than themselves. The coronavirus pandemic comes with the overwhelming need for this sense of communication among dwellers of Build to Rent estates. Certain observable gestures in these environments include clapping out in the streets or shopping for an elderly or indisposed neighbour to prevent them from exposure to coronavirus infections as elderly people are more prone to be affected.
Local Economy Growth
The economy of the community improves as more value adds to the community. The buildings and renting increase in value also improve the value of the community at large. The activities of the residents can have a huge impact and influence on the overall value of the community. For instance, Shoreditch and Brixton are areas in London that experienced an increase in value over the last decade due to the adoption and enhancement of its edgy and creative culture.
Conclusion
Building a strong community is indeed essential in these times for a Build to Rent development. As the battle against the COVID-19 pandemic continues, the opportunity is still open for creating communities with Build to Rent projects all over the world.
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