The demands of millennials has had a drastic impact across many industries. This generation is increasingly striving for the sustainable, efficient and low maintenance. The government has been exploring new policies for the housing sector to satisfy growing demands. BtR is one of the most popular strategies that can achieve sustained results & shape the future of construction.
Build to Rent is relatively new in the UK, but this new housing strategy is paving its way. The BtR sector has the potential to offer new forms of supply and enhanced quality in the housing division. This 25-year investment can improve the housing sector of the country immensely.
This post will explore the various ways in which BtR will shape the future of construction.
How Do Investors Future Proof Their Buildings?
More than £10 billion has already been invested in recent years according to CBRE. In order to create a larger scale of investment, the government needs to cooperate in developing this initiative. It’s imperative to engage investors and prove the investment is worth every penny.
BtR is set to be a success for all stakeholders, including the investors. For customers, the quality will prove extremely appealing. The services, facilities, lifestyle and modernisation that BtR provides ensures that these homes will always be in demand.
Energy Efficiency Shaping the Future of Construction
Today’s world needs to reduce Co2 emissions to overcome the damage the Industrial Age caused. We are exhausting our non-renewable resources. Now is the time to switch to energy-efficient substitutes.
To minimise our carbon footprint, we should embed environmentally friendly activities in our daily lives. Policy makers should fashion housing markets per local energy initiatives (Williams, 2008). Build to Rent provides the perfect platform for this to happen. Being at infancy stage, developers can incorporate advanced energy-efficient construction from inception.
The rental sector accounts for almost 28% of the UK’s housing stock. This means it can have a big impact on the environment (Andrea Chegut, 2019). Construction is the highest contributor to Co2 emissions, with 39% of all the emissions coming from the sector. This is due to the direct and indirect role of buildings. Boilers, furnaces, water heaters & generators are the biggest culprits.
BtR is a chance for the government to alter the future of construction using energy-efficient substitutes for new builds. The government and developers should actively seek to opt for greener products. Not only will this prove beneficial for society in the long run. But, it will also attract tenants who are looking for safe, pollution-free, green neighbourhoods. By adopting this successfully, BtR can make building green, the industry norm.
Technology in the Future of Construction:
Along with eco-friendly materials, the BtR program encourages developers to install technologically advanced products throughout buildings. Modern appliances, gadgets, sewage systems, electric car charging points, and security are all options for new builds.
By 2030, the housing structures will look far more advanced. With the potential 25 year payback period, technology & choice of materials must be seriously considered. Longevity matters here.
BtR & Operational Efficiency
BtR developers have operational efficiencies ingrained in their key finance and performance metrics. It’s imperative to cut operating costs. Whilst, at the same time ensuring the day-to-day running for staff & tenants is as smooth as possible. The right management team can transform the daily lives of the tenants. But, it is the layout of the building that enables this efficiency.
Ensuring adequate lifts, working space & other facilities, delivery management as well as waste management, all plays a vital role. It is reasonable to expect non-BtR developers to take note of these efficiencies. Eventually changing the future of construction across the entire industry.
Tenants of Tomorrow
Today’s generation, are more concerned with the climate than any prior generation. As the damage to the planet continues to worsen, people are more cautious about using outdated products. Choosing to replace them with greener options. People are more willing to pay a premium for a climate-friendly option (Robinson, 2016). A BtR must be conscience of greener alternatives. Improving the overall air quality and reducing the pollution rates.
Furthermore, after a hectic day of working tirelessly in a bustling city, people tend to seek quiet. Some fresh air & clear skies is more revitalising than cars and polluting transport. BtR keeps all these demands in mind and imbeds this into the designs. Green, eco-friendly substitutes cut down most of the pollution in the area. Allowing people to enjoy better air quality, as well as rooftop space to provide a sense of “escape”.
Final Words
As demand for BtR increases, there’s a chance to replace outdated systems. Developing new systems with environmentally friendly ones. As rental apartments have become a necessity, it’s the ideal time to take advantage & build greener from the outset. The government and developers can finally concentrate on making more eco-friendly and efficient communities around the country. It will not only fulfil the demands of investors today, but will also prove beneficial in the coming decades.
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