A new decade brings to light a new way of renting, with more people becoming aware of the benefits of Build to Rent. Read on to find out why Build to Rent (BtR) is leading the way in a new property era by reflecting the changing needs and priorities of modern renters.
What is Build to Rent?
Inspired by what’s available in large parts of Europe and North America, BtR describes new apartments and houses that have been specifically built for renters. Developments are built to create more than just a home for renters, they also focus on service with professional on-site management. Amenities are not just a passing thought either, in many BtR developments, you will find shared spaces such as residents’ lounges, workzones and fitness centres.
What are the advantages?
BtR developments have been created to address many of the issues that plague the traditional rental market. These include short-term leases to unscrupulous landlords to sky-high fees. One of the reasons why BtR can be so successful in this area is because they are all owned and managed by one landlord. Most rental properties in the UK have not been designed for rental either, resulting in tenants paying high costs for little in return.
Meeting the needs of modern renters
There’s no such thing as a typical renter who chooses a BtR property. From singles to families to downsizers, there is no one size fits all approach. BtR developments understand the importance of creating spaces that renters can make into their homes, for however long they choose to live there and at whatever stage of life they are at. This includes great services, excellent maintenance, transparent pricing and community events. In many developments, pets are welcome, reinforcing the fact that the BtR development is your home to enjoy the way you wish.
Traditional rent versus BtR
There are long-held problems with renting that the BtR market has acknowledged and changed for the better. Many renters are only able to negotiate short-term leases but with BtR homes, there are longer tenancies, many for more than three years. Rent won’t be increased on a whim of the landlord. The rent will be clearly laid out at the start of the tenancy and there will be no up-front fees other than deposits, sometimes this isn’t required either. There will be no more struggling to get a landlord to carry out essential repairs. BtR developments will be maintained by one landlord with a committed professional management service.
The future of renting
Even in 2020, some tenants are renting a property that doesn’t comply with safety and energy efficiency standards. The BtR market looks to significantly improve the rental experience so tenants don’t have to chase a landlord to provide them with a warm and dry home. Although the concept is still fairly new to the UK, it is steadily growing and Love to Rent is the first and only platform in the UK that has been developed to specifically showcase these developments and homes. Research shows that one in five people are now renting, with many choosing to do so by choice; citing flexibility and having a central location over a large mortgage and long commute. The Love to Rent platform is unique because it provides advice and support for your move and continues to engage with customers even after they have moved into their home, which encourages neighbourhoods to thrive and really changes the experience for renters.
Renters’ guide to BtR: How to find your perfect home
- Research the area for transport links and commutability.
- Consider local schools and join local online forums to find out which ones are thought to be the best.
- Discuss pets early on to find the best home for your furry friends.
- Consider what amenities you would like and do a search based on them.
- Visit the Love to Rent portal to become aware of the newest developments to come to the market all over the UK.