With news that Legal & General has acquired a new Build to Rent scheme in Peterborough, we look at what makes the perfect home in the suburbs.
Supply and demand issues
The opportunity to work from home has made many urbanites rethink their living arrangements. However, one of the key problems is there is lots of demand but not enough supply. So, it is welcome news that Legal & General’s Build to Rent arm is scaling a portfolio of family rental houses in suburban locations, including the latest announcement of a new scheme in Great Haddon, Peterborough. This focussed development is emerging as a solution to the housing crises and tenant demand.
What is suburban Build to Rent
These are purpose-built homes for rent located in residential communities. They are in the outskirts of a town or city and often have good commuter links to give residents the options of travelling with ease. In contrasts to urban Build to Rent schemes, they typically feature houses instead of apartments. They will also often be located close to schools and other family amenities.
Value for money
The model that Build to Rent offers enables them to create cost-efficient homes on a large scale. With the focus on community-based living, many local planning authorities are amenable to granting development permission. For the tenant, this means a whole host of benefits. Most importantly, Build to Rent developers construct high quality housing on mass, working on economies of scale with suppliers, which keeps rent affordable for the tenant.
Renting in the suburbs from a Build to Rent developer gives tenants access to homes that are more
eco-efficient, incorporate technology for an improved living experience and have a more sustainable and higher quality specification. The same property in the private rental sector would very likely be charged at a higher rent, with the landlord trying to recoup the cost of the investment.
More space for your money
One of the key advantages in suburban living is that you will get more space for the same money when compared to city rentals. This can be used for an extra bedroom to be converted into a home office, a garden as opposed to a balcony and a larger kitchen dining area.
A key benefit in choosing Build to Rent over renting in the private sector is the stability that it offers. The longer leases allow tenants to lay down roots and build a community, perfect for families who want to settle children into school and minimise disruption. There are long lease term options available, and the rent is clearly marked out so you understand exactly how to budget. Sometimes there are no costly deposits needed to be paid upfront so if you love where you are renting, you have the security of knowing that you can choose how long you stay for.
Management and maintenance
The jewel in the crown of the Build to Rent sector is the professional attitude they take towards repairs and maintenance. If something goes wrong or there are any issues, there will be an on-site management team to quickly sort the problem out. Build to Rent has been created to address the needs of tenants meaning that customer service is key to its success. Many will also offer extra services such as cleaning, laundry, and a reduction on life admin with utility bills included in the rent.
Moving away from the city to the suburbs could feel isolating but the Build to Rent sector has been created with community at the forefront of all it does. There is a strong focus on connecting residents through social events and shared spaces such as playgrounds, exercise areas and home working facilities.
A huge choice of availability
Houses have been built to satisfy the needs and requirements of modern families. They are likely to feature multiple bathrooms, ideal for teenagers, additional downstairs rooms that make great playrooms or offices and large kitchen/diners where the whole family can eat together. For homework, work from home, gaming and entertainment, there will be excellent broadband connection, ideal for every member of the household.