The Build To Rent market is booming: the UK’s Build to Rent sector currently encompasses 265,606 homes, marking a 4% increase since Q1 2023. Of these, 101,875 homes are completed, reflecting a 17% rise nationally compared to Q1 2023. Additionally, 54,814 homes are under construction, and 108,917 homes are in the planning stages. Simply put, BTR has begun to dominate the residential property landscape. But where can searching residents find new builds to rent, is the application process any different, and how can you find the best community to suit your needs?
The BTR Renting Process
Ultimately, the BTR renting process is exactly the same as the PRS renting process. Prospective residents will find a property they are interested in, schedule a viewing with the developer or managing agent and, should all go well, fill out an application form to rent the property.
However, rather than the application to rent being sent to an individual landlord, the application will be sent to the business that owns the BTR development. It is worth noting that although residents will be asked to provide the same details as if they were renting a PRS unit, such as references, payslips and right to rent documentation, a BTR developer will most likely be looking for residents that will fit in with the community they are hoping to foster. Different BTR developments aim to create different communities for different residents – from student accommodation to single family housing solutions to later living. So, make sure you are searching for and applying for properties within BTR communities where you can really thrive.
Finding The Best Community
Speaking of BTR communities, how can you find the best community for you? BTR developments, especially when designed, managed and supported well, will often centre around building and caring for the residential community. For example, the Iron Yard community in Sheffield is centred around providing the perfect work-life balance, which is enabled by curated amenity spaces for co-working and meetings, as well as being positioned in the very heart of Sheffield. It’s not just the amenities at Iron Yard that set it apart – with large, light and airy apartments and blossoming outdoor communal areas, Iron Yard presents beautifully crafted spaces to be enjoyed alone or with other residents. It truly is a development that is designed for life.
On the other hand, The Saxons is the ideal development for residents looking for a thriving social life, fantastic work-life balance and ease of living. Every thought and care has been taken to ensure that residents at the Saxons are catered to – from a handy residents app, to safe digital parcel management and gated parking. With networking opportunities, game nights and book clubs, as well as wellbeing-promoting amenities such as a gym and yoga lounge, The Saxons is perfect for residents looking for on-site entertainment and socialising opportunities.
That’s not all – some developments are created to attract those who want to be part of a green community, others revolve around pet ownership, and some focus on unrivalled sports facilities. So, to find the best BTR community for you, pay close attention to the amenities on offer and the kind of community they promote. Be sure to get in contact with a developer’s resident engagement manager, don’t neglect reviews, always opt for an in-person tour and ask other residents about their experience to find the best new builds to rent for you.
Finding New Builds To Rent
Fitting into your new build to rent community is one thing – but how can you actually source units that are available? If you are actively searching for a build to rent home, here’s where you can find one:
- HomeViews – allows you to search for new builds to rent by developer and location so you can find your next BTR home
- Developer Websites – get in contact with BTR developers directly to add yourself to waiting lists, schedule viewings and request more information on upcoming developments
- Property Portals – as with PRS properties, many BTR units are listed on portals such as Rightmove and Zoopla
Alternatively, you can get in touch with the Centrick team at the bottom of this page to enquire about our available BTR properties and ask about our pipeline of developments.
Is BTR Competitive?
It is no secret that the residential property sector – BTR included – is an extremely competitive space at the moment. A 2023 survey conducted by Rightmove indicated that the average UK rental property receives 20 viewing requests, which has more than tripled since 2019 when each property would garner just six requests. This is due to an increasing supply-demand imbalance across the UK wherein there are more searching residents than there are rental properties available – it is this factor, among others, which has led developers to increase the creation of BTR developments as a means of meeting this surge in demand.
This is something that the Centrick team have seen, too, with Centrick’s BTR Director, Clare Johnson, explaining:
“The build to rent sector is extremely competitive – not just because of the significant supply and demand imbalance across the rental sector, but because BTR offers something truly unique. Here at Centrick, our latest BTR developments at The Saxons and Iron Yard have garnered a huge amount of interest for the long-term stability the build to rent format offers, as well as the industry-leading amenities in these BTR developments. The long waiting lists of prospective residents scheduling viewings and hoping to move in is a testament to this.”
Clare Johnson BTR and Asset Director
Considering this huge amount of competition within the sector, many prospective renters wonder whether they will have to pay more for build to rent homes. Although this varies based upon location, size of property and developer, BTR homes generally command a higher rental price than their PRS counterparts thanks to their premium locations and range of private facilities. However, recent research has shown that BTR residents actually spend less of their monthly income on property-related expenditure compared to their PRS counterparts despite this generally higher monthly rent. This is because BTR units provide far more than just a home for your monthly rental costs, allowing residents to save money on gyms, coworking spaces, meeting rooms and so much more.
What’s more, our Love Where You Live research indicates that more and more renters are looking at shifting away from the private rental sector and towards the build to rent sector. In fact, when asked where they were planning to relocate to, 46% of respondents stated they were looking to move into a BTR development, eclipsing just 19% who intended to stay in the PRS sector. So, if you’re looking to move into a new build to rent development, it is highly advisable that you submit your enquiries sooner rather than later, and join early-access waiting lists for developments that pique your interest before they get snapped up.
Stay Ahead Of New Build To Rent Opportunities
Are you on the lookout for your next home in the build to rent sector? Don’t miss out – get in contact with the Centrick team using the form below to stay in the loop about all things BTR – our team will get in contact with you should any rental opportunities arise.
