How to find a family home to rent
- 30th Jan 24
Finding a family home to rent is not an easy task, one made more difficult through the
emotional toll of repeatedly viewing properties that fall short of expectations. Within the
private rental sector, a significant hurdle is the competitive nature of the market, where high
demand often outstrips supply of desirable homes.
But things are starting to change for the better. According to a major industry-funded piece
of research from Savills, that considered the future role of the single family housing market,
Build to Rent is offering an exciting alternative for families.
What are Build to Rent houses
The Build to Rent model is based on properties that are specifically constructed with the
intention of being rented out. The concept of these purpose-built houses have been gaining
popularity and although it started out as predominately apartments attracting young
professionals in city centre locations, the market is now much larger and recently the
regions have surged ahead, growing at almost triple the pace with houses very much in the
mix.
Who lives in Build to Rent houses
According to the Savills research, there is a large pool of rental demand in suburban
markets, which are popular with young families. The supply of new homes to rent has
previously focused on urban markets, whereas rental demand is much larger in suburban
locations (54% compared to 35% in urban markets).
Why are they popular with families
As an increasing number of families opt to rent, driven by lifestyle preferences and other
factors, they have higher expectations that they are not prepared to compromise on. The
Savills Single Family Housing Investor Survey has identified that families want proximity to
local schools, green spaces and health services, all of these are amenities that Build to Rent
operators will focus on. What’s more, the quality is invariable better, built with an energy
efficient focus making them cheaper to run and have far less associated costs. In fact,
according to the report, families tend to move further to access these homes, indicating that
the perks of being professionally managed with good connectivity to schools, transport and
other amenities are attracting renters from further afield.
Meeting current demand
For families struggling to find a place to call home, they may fear that they are being
unrealistic in their expectations. But the truth is that we need more rental homes, and the
private rented sector has stopped growing. Various data sources (Census, ONS, English
Housing Survey and the Labour Force Survey) show that the supply is static.
The number of homes available to rent nationally has greatly reduced, accelerated by the
fact that more landlords are intending to sell. a survey by the NRLA suggested that at least
in the short term, there are far more landlords intending to sell property in the next 12
months (43%) than buy (10%). With the prospect of further house price falls in 2024, it is
unlikely that many investors will be actively looking to expand their portfolios.
Future proofing the rental market
According to Savills new Future of Build to Rent Houses report, up to 1 million additional
homes will be required to accommodate growing rental demand, particularly from young
families, across England and Wales. The single family housing market has already attracted
over £3.5 billion of investment to date, despite being a relatively emerging sector, and Savills
anticipates that this figure will increase.
It is now widely acknowledged that the Build to Rent sector needs to step up and deliver the
additional 1 million rental homes that the report says will be needed by 2031 to meet
demand. In support of this, Love to Rent offers a range of services from finding the perfect
customer to full management, providing a quality service focused on customer experience.
Anne-Marie Brown, Founder of Love to Rent
“I believe that Build to Rent is changing the way families choose to live. Purpose-built
properties, specifically designed for renting, are revolutionising the game. We have noticed
on the website that more and more operators are building houses for families, increasing
the options in both the city and suburbs."
“For families struggling to find their ideal home, the need for more rental options is evident.
We are excited to see how the Build to Rent sector will respond and with over £3.5 billion
already invested in the single family housing market, it’s clear that this emerging sector is
gaining traction."
“As we look ahead, the Build to Rent sector is making plans to deliver the homes that are
required. In this, Love to Rent remains committed to helping families find their ideal place to
live with all the amenities, lifestyle benefits and community offerings that are uniquely
associated with Build to Rent.”
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