Modern family living
- 07th Feb 23
Who’s renting?
In 2021, there were 19.3 million families in the UK, which represents a 6.5% increase over the decade from 2011 to 2021. Furthermore, the number of households privately renting has more than doubled over the past two decades, according to the 2021 Census, to 5 million.
What is Build to Rent
Many have a notion that Build to Rent is just for city centre young professionals. Although originally it was designed to appeal to London-based workers, the market is now much larger and recently the regions have surged ahead, growing at almost triple the pace. In fact, according to the British Property Federation, the sector is growing exponentially with a 15% year on year increase.
Build to Rent in the suburbs
One of the fastest growing sectors within Build to Rent is the growth of suburban communities offering family homes. Many are in well-connected areas, allowing families to build a strong sense of community for themselves and their children, going to local schools and creating lasting friendships.
Private renting versus Build to Rent
One of the greatest stresses for families who rent is knowing that their landlord could decide to sell at any time, uprooting their lives. With Build to Rent, you are dealing with professionals who offer flexible tenancies, so the control is firmly in the hands of the family who decide how long they want to stay. In terms of convenience, Build to Rent wins hands down with repairs and maintenance issues being handled by a dedicated team. What comes as a surprise for many is that Build to Rent for families can often work out less expensive. The Who Lives in Build-to-Rent? report from the British Property Federation, Dataloft, BusinessLDN, and the UK Apartment Association finds that a family in an urban Build to Rent home pays 27% of their income versus 32% in the private rented sector.
What families can expect
High standards of design, service and management are the core values of Build to Rent. There is also a strong focus on sustainability alongside facilities that families will appreciate. Plenty of outdoor space for the children to run around with picnic areas and play spaces as well as modern additions such as social spaces, workplaces and schemes including bike hire facilities.
A home for all generations
Renting in the private sector can feel transient or that you are surrounded by just one age group of society. Build to Rent suburban communities are unique in that they offer the ideal opportunity for multi-generational living. The homes work just as well for the young, old and those in mid-life and therefore offer amenities that appeal to all, creating a true sense of community.
More efficient family homes
Whether it is the cost of living or concerns over the environment for future generations, many families are prioritising living in a more energy efficient home. Research from Build to Rent providers indicate that in general they are 25% cheaper to run in comparison to properties built between 2007-2011, saving money on customers energy bills.
Improving standards
The shortage of suitable private rentals for families is pushing up prices and leading to fierce competition to nab what’s available. With Build to Rent, high standards of design and customer service come as standard, and developers treat their residents as much valued customers. Build to Rent has the potential to increase the supply of homes and improve conditions for all renters, which is why government have also lent their support including a £1bn Build to Rent fund. Ultimately, every family wants to be able to bring up their children in a safe and happy environment and one that can best reduce the daily stresses of a hectic lifestyle.