Homebuyers pause for thought with Build to Rent
- 17th Oct 22
The rising cost of living is impacting every facet of day-to-day life; alongside the ever-increasing Bank of England Base Rate to contend with, it is no surprise homebuyers are searching out stability for their onward property journey.
Love to Rent Week (24-28 October) supported by the British Property Federation and UKAA, aims to raise awareness of the many benefits that a Build to Rent lifestyle can offer; showcasing the wide selection of homes and locations available, while dispelling the myths surrounding renting
The traditional routes allowing first-time buyers to get on to the housing ladder are also being adversely affected. Even the more affordable option of shared ownership is giving buyers pause for thought, with agents reporting that many are saying they are waiting for six months to see how things play out.
However, for many life cannot be put on hold and people still need somewhere to live, which is what makes the incredibly flexible option of Build to Rent ideal. One of the sector’s biggest advantages is the total control it gives to tenants who can decide the length of their tenancy, with flexible leases as standard.
Since the start of the cost-of-living crises, statistics from Love to Rent, the first and only digital marketing platform for the Build to Rent sector, has supported this viewpoint. With an increase of 36% in website sessions, +32% in page views and a staggering +127% in property enquiries it is clear that customers are seeing these homes as a quality choice for their new home.
While people may be putting their homebuying on hold, they are still able to live in a range of quality accommodation suitable for all budgets and tastes. “The difference between renting through Build to Rent compared to the traditional rental market is that the tenants have all the control over where they want to live and for how long,” says Anne-Marie Brown, the Founder and CEO of Love to Rent. “For people considering buying but are unsure if now is the best time to commit, it offers the perfect solution because it gives them the flexibility to be able to move quickly as, when and if they decide to make a home purchase.”
Despite challenging financial times, the Build to Rent sector has already proved its resilience during the pandemic. Operators reported strong occupancy levels and high levels of rent collection, despite the challenging environment some tenants were facing. The rental market has since recovered well and there is a huge increase in the number of Build to Rent homes being delivered.
Any reservations with renting can be avoided when you choose the Build to Rent sector, which is a totally different experience when compared to the private sector. Maintenance issues is probably one of the biggest inconveniences and annoyances for anyone renting in the private sector. Not all landlords will fix the problem in a timely manner, leading to stress and expense for the tenant. The Build to Rent sector is different because it is professionally managed and maintained and offers extremely high levels of customer service and care. There is a high specification of fixtures and fittings, but should anything go wrong or need replacing, residents have access to 24/7 support.
For those looking to keep a close eye on their savings, renting through Build to Rent also allows customers the opportunity to carefully budget without unexpected costs. “With the Build to Rent sector, some developments even offer all your rent and bills covered in one payment, so there are no nasty surprises waiting for you at the end of the month,” explains Anne-Marie Brown. “This option gives tenants the opportunity to plan their finances.”
There has been a recent change in the type of product being delivered, which makes it an ideal option for all age groups, including families and downsizers. Traditionally, the UK Build to Rent market focused on highly amenitised schemes, which met the needs of city professionals. Now, the mid-market is blossoming, giving an affordable rental option while still being fully serviced and secure.
Whether you are a family with young children needing to find a welcoming community, a downsizer looking to free up some finance and responsibility or are pet owners struggling to find a rental that allows your dog or cat, the Build to Rent sector is growing at a rapid rate with a huge choice of properties currently available for a wide range of customers.