Despite being a relatively new form of property, the build to rent market is swiftly becoming a crowded market. The sector is growing extremely fast, with growth over the last recorded 12 months sitting at 19 per cent according to the British Property Federation. As brilliant as this is for prospective tenants, as variety and property diversity provides them with more options to find a community that’s right for them, it can be hard for developments to truly make their mark. It is therefore important that your BTR development has a USP or USP’s that attracts the right tenants, and makes your scheme stand out against any competitors. Here’s how to make your build to rent scheme stand out in an increasingly crowded market:
Pets
The pandemic saw a sharp uptick in the number of Brits adopting pets to keep them company during the seclusion of lockdown. However, despite recent changes to lettings legislation regarding the keeping of pets, many landlords remain resistant to the idea of allowing animals in their buy to let property. BTR developments stand out from PRS units thanks to the support they can give pet owners, with almost 50 per cent of BTR developments openly advertising themselves as pet friendly, and 82 accepting pets upon request. This not only increases the number of tenants that are interested in BTR developments, but the involvement of pets in a tenancy can boost tenant retention by solidifying the idea that their rental property is a home. What’s more, the status of BTR developments as overwhelmingly pet friendly rental schemes further promotes the fact that build to rent is the future of the rental sector, and is the most receptive to tenant’s ever-changing demands, especially in a post-pandemic Britain that owns so many fluffy Allowing pets at your BTR development isn’t necessarily a unique selling point anymore, but a necessity to keep up with the competition.
Décor
Speaking of BTR developments being up to date with the latest trends in the property sector, build to rent units are also remarkably modern when it comes to their aesthetic. These new build units come complet with the most modern décor that can elevate a tenant’s rental experience into one of luxury, especially when compared to PRS units that continue to retain a questionable reputation for containing lacklustre furnishings, outdated décor, or no furniture at all. Better yet, most BTR developments offer customisable furnishing packages that allow tenants to choose which items they want, providing the option to have larger furnishings such as beds and wardrobes, as well as soft furnishings such as rugs and cushions, and other homewares such as plates and utensils. This can vastly reduce the stress of moving for tenants, especially if a BTR unit is their first move away from home, and can provide tenants with all of the luxury basics they need without fretting about constructing furniture or transporting delicate crockery.
Need to talk about identity of décor here – is it modern, luxury, art deco? What is it that stands out and makes it a home?
Local Business Partnerships
Many build to rent developments partner with local businesses to offer their residents exclusive perks that can help them save money, thereby providing a greater incentive for them to consider renting with you. These offers can span from the inclusion of Wi-Fi costs in your tenant’s monthly rent, to discounts at local shops and vouchers for nearby businesses. These perks create a sense of exclusivity for residents, who otherwise wouldn’t be able to access these offers without their BTR scheme tenancy. What’s more, these perks can help boost local businesses, improve the reputation of your BTR development as a supportive local influence, and can make your BTR scheme stand out by offering money-saving deals in the current difficult economic climate. What better way to create a sense of community by supporting those local to you?
Amenities
Lastly, it is difficult to overstate the importance of amenities in build to rent developments, as they can truly transform the appeal of your BTR scheme, justify the price-tag of your rental accommodation, and make your unit stand out against both PRS units and your BTR competitors. Research carried out by the British Property Federation demonstrates that the most common amenities in build to rent developments are concierge services, communal outdoor spaces, co-working spaces and resident’s lounges. Although each of these features are valuable in establishing a sense of community among residents and optimising convenience for tenants, if you truly want your build to rent development to stand out though you will have to go above and beyond these now common features.
Depending on which tenant demographic you wish to appeal to, and subsequently which community and lifestyle you want to create through your BTR scheme, there are great options to make your development stand out. For the pet-friendly community, go beyond offering pet-friendly apartments: introduce dog sitting and dog walking services, or weekly pet spa’s to save your tenants from having to trek to the groomers. For single occupancy households that may be occupied by young working professionals, don’t just offer a convenient concierge service: offer on-site café’s for days where working from home is necessary, or an on-site shop or vending machine for quick food when the working day gets stressful. Lastly, for the ultra-modern eco-friendly scheme, don’t just opt for energy saving lightbulbs and community-driven gardening schemes – make access to electric vehicle charging points as convenient as possible, integrate recycling schemes into your waste disposal areas, and partner with local businesses to provide discounts on locally sourced food. Whilst the details will of course vary by location and demographic, as well as by competitive offerings – fundamentally BTR residents want ease, speed, convenience and lifestyle. Above and beyond is the key to making your BTR development stand out on the market, all whilst bolstering what sits at the heart of your scheme – the unique community and lifestyle that makes build to rent property so successful and popular.
Ready To Make Your BTR Development Stand Out?
VICI by Centrick is the ultimate destination for all of your BTR needs. Whether you’re looking to connect with the right residents to live in your development, optimise your branding and messaging to convey your development’s sense of community, want to boost tenant retention or drive operational management performance and returns– we’re here to help. With support from our team of build to rent experts, we’ll guide you on your development journey from inception to completion and beyond, keeping your development performing optimally, even as the rental market changes and evolves. Simply fill in the form below and a member of our team will be in contact:
