Our recent findings showed that almost half of renters in the UK (46%) were happy renting, while 24% were very happy, 22% were not very happy and 9% were not at all happy. These findings could suggest that societal factors and pressures may tend to be what drives the desire to buy a property, rather than the experience itself.
The report also found that many older renters thought they were in the minority, when in fact, those aged 35-44 make up the largest group of renters at 25%, and the average age of a renter is actually 45.
In today’s article, we review and de-bug some of the misconceptions often associated with the Build to Rent sector.
It’s not affordable housing!
We hate the fact this has to be here but unfortunately, more often than not, when we introduce the concept of BtR to new clients their first response is “so it’s affordable housing”
Build to Rent is not affordable housing. Build to Rent buildings are delivered with more than just a set of apartments within a block to the end-user ready for occupation, meaning that tenants get more within the development where they reside than your average renter. Build to Rent units are typically newer and offer a greater standard of living in comparison to traditional Build-To-Let or Build Apartments models in the UK. Build to Rent offers a better quality of life for tenants with an enhanced tenant experience, often resulting in higher levels of tenant satisfaction and lower rental void periods.
There are developments for all price ranges and demographics.
Build to Rent is about choice
Build to Rent schemes are also not only aimed at the high-earning market. Build To Rent allows young professionals and families an opportunity to live in new homes which they cannot afford otherwise. The space created through Build To Rent enables multiple demographics to have access to a better standard of the rental experience.
From the vast offering by Quintain at Wembley to the outstanding service of Greystar and the inclusivity of the Folio brand – the plethora of BtR companies currently in the UK ensures there is something for everyone at great price points.
Renting is no longer a stepping stone
The perception of long-term renting is changing in the UK. Build to Rent offers not only long-term renting solutions but also economical renting options for those who want to stay connected to their community.
In Britain, we are taught from an early age that buying a home is the ultimate life goal. Yet times and opinions do appear to be changing. Increasingly more people in the UK are now choosing to rent as an alternative to buying a property, with predictions that in 2025, some 60% of Londoners will be renting.
Final thoughts
Research by sigma capital found that although some renters across the UK still see renting as ‘dead’ money, there are many benefits to renting that are important to people, such as having more freedom and flexibility, as well as a greater choice of living environments and having the opportunity to live in a better area or larger property than would be achievable if they were looking to buy.
If your business is looking to enter the UK Build to Rent market contact us at info@ukbuildtorent.com for a comprehensive business strategy on how to enter this booming sector.
We look forward to meeting you!