The newest form of Build to Rent in the UK is growing at a steady pace and looks set to provide the answers to the shortage of good quality family homes. We look at the options for families wanting to rent.
Where’s the need?
In the findings of the ‘Who lives in Build to Rent report’, commissioned by the British Property Federation, data showed that the suburban Build to Rent properties appeal to families. The report studied 89 schemes in England totalling over 20,000 residents in over 15,000 homes. In the sample group, there were 5,000 in suburban Build to Rent and 43% were families compared to 22% in private rented sector overall.
What are single-family homes?
These properties are houses as opposed to apartments and are often found in more suburban areas as well as on the outskirts of commuter towns. They tend to appeal to families who are looking to lay down roots and take advantage of the longer tenancies.
An expanding market
There are currently thousands of homes in development and there’s likely to be a surge in the next couple of years. In fact, according to data research from Savills, it now constitutes 12% of the market from close to 0% a decade ago. Even insurance giant’s such as Legal & General are getting in on the action, spotting what a huge growth area this is.
The benefits for families
Most families are looking for as much space as possible, especially now that more people are working from home. Single-family homes in the Build to Rent community gives people the chance to get the space they need and high standards in design and fixtures and fittings even if they lack the budget to buy such a spacious home.
Single-family houses are built to be eco-friendly and smart. This makes them a good choice for not just the environment, but also for the comfort of those living in them. A house that retains warmth is much healthier for young children and teenagers who need to study. Single-family homes are built to be highly energy-efficient due to a combination of smart technology and modern methods of construction.
Let them play
Many parents worry about the lack of options for children to play outside and get fresh air. Too many are spending far too long on screens, especially since the pandemic. Being able to get outside to play improves both physical health and mental wellbeing, which is why there is a strong emphasis on this in the Build to Rent sector. Many properties will benefit from a range of outdoor spaces to connect residents to nature and provide routes for walking, cycling and space to exercise and play. Many will also have children’s play spaces to encourage friendships being built with neighbours.
Live with less stress
Family life can come with lots of laughs but also lots of stress and worry. One of the biggest draws for families renting within the Build to Rent sector is the high quality of customer service and the professional management. Residents can benefit from 24/7 management teams, handling any maintenance issues quickly and efficiently. This removes a large part of the stress that comes from living in a house where things can go wrong.
Pets are family too
One of the biggest downfalls of the private rental sector is the overwhelming reluctance to allow pets. Having a family and putting down roots may also mean that it is time to get a furry friend. Pet-friendly renting is a common feature of today’s Build to Rent developments, giving tenants the same opportunities as homeowners. As private landlords continue to fail to adapt to the UK’s increasing desire to live with a pet, the Build to Rent sector completely dominates this area.
A new way of living
Single-family homes are creating a new way of living. These communities have been designed to meet the needs of the modern family to promote active, healthy, and sustainable lifestyles. These homes provide aspirational yet attainable housing for people with a wide range of budgets.