Build to Rent trends 2023
- 09th Jan 23
We don’t have a crystal ball but by speaking to Build to Rent developers and customers, we are getting a good idea about the future of the sector and the biggest trends for 2023.
Renters’ concerns for 2023
As the economic uncertainty comes with us into the new year, a new survey by PropTech firm Goodlord has highlighted several areas in which renters are concerned about. These include the worry their rents might increase, the difficulty of finding a home to rent due to the increasing number of private landlords leaving the market in response to rising mortgage costs and complex regulation requirements and the condition of the rental homes available. While these may all play a part in the private rental market, for customers choosing Build to Rent, the outlook for 2023 looks much brighter. With exceptionally high standards of design, a professional maintenance team to respond to any repairs, plenty of choice in terms of size, budget and location and the ability to have flexible tenancies with a set rent, some including bills making it easier to budget, more people will be turning to Build to Rent this year.
Keeping customers happy
Build to Rent is totally focused on the customer experience from the moment they view the property, through to moving-in day, the duration of their stay and if they decide to move on. The whole ethos is to create communities where people love to live, whether that is for three months or three years. Responding to customer requirements is helping to set the Build to Rent trends for 2023.
Pets come too
Dogs and cats are more than just pets, they are a part of the family and that means there needs to be more rental properties that welcome them. Build to Rent developers have responded to this demand and although there are many pet friendly developments already, the future looks set for this to increase. It is not just about allowing them either, the sector is embracing them by providing on-site facilities such as grooming parlours, dog parks and treat stations.
Working from home
Whether it is full time, or a hybrid set up of office and home, renters want the flexibility of comfortably working from home and not just from their bedrooms. Co-working spaces offer the technology of an office and the buzz of interacting with other people. Apartment developments may offer a dedicated working area with a clubhouse for working in a social setting and for those in houses, they may be able to access office sheds in the gardens. Whatever the set-up, the trend for better and more interactive co-working is set to continue in 2023.
Health and wellness
Over the last few years, the priority for people to take the time to focus on their health and wellness is increasing in every part of life from work to home. Build to Rent developers are responding with some having gyms available within developments and many also looking to collaborate with fitness professionals to ensure there is something for every age group. There will be more of an emphasis on ensuring the community has access to health and wellbeing amenities including yoga studios, fitness classes and promoting making time for yourself.
The great outdoors
Whether it is a garden, rooftop space, balcony or terrace, developers understand the need for ensuring residents have easy access to outside space. Looking to the future, the trend is to not just providing outside space, but to make it meaningful also. This might mean a play space for children or a peace-inspired garden for residents to relax in after a busy day, everything will be centred on supporting mental wellbeing.
Greener futures
Build to Rent residents continue to be concerned about their impact on the environment and what they can do to create a more sustainable future. Build to Rent developers are appealing to this demographic by improving their energy efficiency, appealing both from costs and environmental impact perspectives. By utilising new technology, developers are harnessing ways in which customers can keep track on their energy consumption and identify any problems or habits such as leaving lights on.