5 Priorities for Successful Build to Rent Properties
Em Morley - February 7, 2019
There has been an increase in the number of private tenants
in England, with 20% of all households
now renting from a private landlord. Subsequently, build to rent
properties, designed for long-term occupation, are on the rise.
There are many reasons why more people are renting, and for
longer, in the UK, whether it be because of the changing and uncertain housing
market, or the struggle to save for a home deposit.
Build to rent properties need to be designed with tenants in
mind, and, thus, community and residence experience need to be considered
carefully by investors.
To help, broadband and utilities provider Glide has put
together its five top priorities to consider when investing in build to rent
1.Understand your customer
With over a third (37%) of build to rent properties being
occupied by young professionals, it is important that investors understand what
they are looking for. All-inclusive bills are a high priority when choosing a
place to live, according to over half (52%) of millennial movers. Any other
ways to save time and make things as convenient as possible for your tenant,
such as parcel storage or dry cleaning, are also desirable.
As many young professionals commute to work, it is a good
idea to consider this when choosing areas in which to invest. According to
recent research, two in five (40%) of those without children factor in distance
to work when choosing a rental home, while one in five (21%) also prefer to
live near public transport links or airports.
2. Sense of community
As experiences are valued highly among young professionals,
creating a sense of community is key in build to rent properties. Your
professional audience needs to feel part of a well connected, respectful and communal
A good way of ensuring a positive community atmosphere is a
Facebook group for the building. This can be a good way for tenants to interact
with other people that they are living with, and create social events, such as
barbecues and meet-ups. This is particularly appealing to those who have only
recently moved to the area for work and don’t know many people before they move
In order to accommodate and promote this social setting,
spaces, such as rooftop terraces, communal gardens or lounge areas, are a good
idea for tenants to socialise and relax outside of their own homes.
3. Not just a place
Creating space, or the illusion of space, is very important
for ensuring that tenants don’t feel too claustrophobic. In-built storage
facilities will mean more floor space and open-plan rooms, which are more
appealing to millennials.
Lighting is crucial for making rooms appear light and
spacious, so natural light is a must-have. However, being able to wind down
with more relaxed lighting is also important. Therefore, well-sized windows and
dimmer light switches will help to facilitate this. There should also be lots
of plug sockets available, so that your tenants can use lamps and other
electricals, such as chargers and tablets, to create a personal environment.
4. Stay up to date
Cutting edge technology is vital to enhance the customer
experience. Millennials rely heavily on fast and reliable wifi in their lives,
from streaming TV shows and movies, to ordering their weekly groceries online.
High-speed connectivity is an essential part of renting for 80% of young
Being able to control all aspects of your home at the tap of
a screen is becoming more popular. You should ensure that this is incorporated
into your build to rent properties, as well as any other upcoming home
5. Be future-proof
As tenants are looking to rent long-term, they will be keen
to live in a building that is set to last. You should make sure that you invest
in solid infrastructure, so that you can ensure that your tenants have what
they need for years to come.
Integrating engineering systems allows for high quality
space, which means that developers have more floor space to play with.
In order to use less power, consequently providing lower
energy bills, you should have a full fibre infrastructure that will stand the
test of time. This will also reduce the tenants’ carbon footprints, which is a
key and topical issue for millennials.
Are you looking to invest in build to rent properties? Make
sure that your investment has the features above.
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