The BTR sector is growing at speed, with investment in BTR property reaching a record £4.5bn in 2023 – and with good reason. This fresh approach to providing rental accommodation is transforming the way residents live their lives by providing community-led, amenity-focused living solutions. As the BTR living sector starts to grow as a response to the dire need for rental accommodation, so does competition, which is why it is vital that BTR developers carefully consider the launch of their development in order to stand out. But what makes a successful BTR launch?
Here at Centrick, we truly understand the BTR sector, and what it takes to truly stand apart from competitors in this busy space. We’ve brought developer’s visions to life through our expert consultancy services, deployed expert operational teams to support and streamline the path to BTR success, and most recently have fully let out brand-new BTR schemes in just 14 weeks. Taking our years of experience, here are the six key strategies that make all the difference to creating a successful BTR launch…
1. Understand Your Audience
The first and most critical step in any successful BTR launch is to thoroughly understand your target demographic. Whether you’re catering to single-family homes, students, retirees, or young professionals, the key to a successful BTR launch is identifying what makes your resident demographic tick and tailoring your launch strategy accordingly. For instance, a BTR scheme aimed at young professionals should focus on proximity to transport hubs, employment landscapes, coworking spaces, and vibrant nightlife. On the other hand, single-family housing (SFH) developments might prioritise access to schools, parks, and family-friendly amenities.
What’s more, it is important to note that BTR residents have different expectations from those of their PRS counterparts. Recent data from our Love Where You Live research highlights this, unveiling that BTR residents are more interested than PRS residents in finding a home that is pet-friendly accommodation and offers either lounges or socialising spaces. It is important to understand these differences and make the relevant changes to your BTR launch plan to best reflect what BTR residents are actually looking for. For more information on what sets BTR and PRS residents apart, you can download our Love Where You Live research here.
2. Showcase Key Features
In the competitive BTR market, amenities can be the deciding factor for many renters. Gone are the days when renters were solely focused on the price and location of the apartment – if the aforementioned Love Where You Live research has shown anything, it is that renters’ expectations are actually increasing.
The COVID-19 pandemic has reshaped the priorities of many renters, with a growing demand for work-from-home-friendly features. Home office nooks, high-speed internet, and communal spaces where residents can work or hold meetings have become major selling points. At the same time, pet-friendly properties have skyrocketed in popularity, especially as many renters adopted animals at the peak of the pandemic. This is where BTR developments can shine – a study by the Association for Rental Living and British Property Federation found that 70% of BTR developments are pet-friendly, 74% of BTR developments offer co-working or meeting spaces, and 72% provide internet at no extra cost.
With the BTR sector offering what residents want in the post-pandemic rental market, it is absolutely vital that amenities sit centre stage at your launch. Consider showcasing multipurpose rooms, outdoor areas, fitness centres, and flexible living spaces that appeal to renters. It’s also important to highlight more utilitarian amenities like bike storage, concierge services, and secure parking, which, while often overlooked in marketing, are highly valued by prospective residents.
3. Build an Audience that Aligns with Your Goals
A successful BTR launch isn’t just about filling units quickly – it’s about building a community that reflects the values and ethos of your development. This requires careful planning and a long-term approach to community-building – think beyond creating an email database and start focusing on what makes your brand unique. Moreover, renters are increasingly looking for brands that align with their personal values. A Natwest and S&P Global survey unveiled that 75% of renters want more sustainability from their accommodation. By aligning your BTR scheme with a purpose, you not only attract residents but also foster a community where they can thrive.
Some of the most successful BTR schemes have cultivated a sense of belonging and identity among their residents. Iron Yard in Sheffield serves as a perfect example of a development that put the concept of community-driven living at its core, with its launch event placing focus on the development’s advanced resident engagement programme. From resident-only events to exclusive lifestyle apps designed to bring neighbours together, it was clear from Iron Yard’s successful BTR launch that they weren’t simply offering accommodation – they were offering a sense of home and togetherness. So, whether your focus is sustainability, luxury living, or providing a commuter-friendly haven, make sure your marketing materials reflect the lifestyle you’re promoting.
4. Leverage Media and Partnerships
Creating a buzz around your BTR launch is essential for driving interest and generating leads. A well-executed media strategy can position your development as the “must-see” property for prospective residents. This involves more than just sending out a press release – it’s about creating a cohesive, multi-channel approach that captures attention across various platforms.
Start by identifying your key media outlets—both local and national—and crafting a press release that will resonate with your ideal resident. If your scheme has unique features or is aligned with current BTR trends, such as sustainability or flexible living, these can form the basis of your narrative and attract the type of resident that is engaged with these features.
Beyond press releases, it is important to not underestimate the power of social media and digital marketing. Run teaser campaigns, highlight behind-the-scenes content to build anticipation, and create content leading up to your launch through countdowns or exclusive early-access signups. You could even collaborate with local businesses, such as gyms, cafés, and coworking spaces for mutual promotion which can add value to your residents through exclusive deals while providing additional channels for promotion.
5. Optimise Your Website
Your website is the cornerstone of your BTR launch strategy. Given that many prospective residents will first encounter your development online, your website needs to provide a seamless, user-friendly experience that engages visitors from the moment they arrive. Make sure your website includes high-quality photos, 360-degree virtual tours, and detailed descriptions of the amenities and units on offer – this will provide your prospective residents with all of the information they need to determine whether this is the right development for them. Providing an easy-to-navigate layout is critical, as is having fast load times and mobile optimization. These small details can make or break a prospective resident’s impression of your development.
It’s also essential to integrate your website with a customer relationship management (CRM) system that allows for quick responses to inquiries. In today’s digital age, renters expect fast, personalised service, so being able to track interactions and nurture leads through automated follow-ups can significantly improve conversion rates. This is something that partners such as Centrick are able to assist with as our experienced BTR and asset lettings team can be deployed to help you respond to and filter through inquiries.
6. Set Clear Goals
A successful BTR launch should be driven by clear, measurable goals. These goals might range from securing a certain number of reservations within the first month to achieving specific levels of media coverage or website traffic. To set realistic goals, start by understanding the broader market conditions. If the rental market is booming, you might aim for a higher initial occupancy rate. Conversely, in a slower market, your focus might be on generating long-term interest through targeted campaigns. Having these goals in place will help keep your launch strategy focused and provide a benchmark for evaluating success.
Additionally, having metrics in place to track your progress ensures you can adjust your tactics as needed. This could include monitoring website analytics, social media engagement, and lead generation to ensure that your strategy is resonating with your audience, helping you achieve the most successful BTR launch.
Create a Successful BTR Launch with Centrick
Launching a BTR scheme is a complex process that requires careful planning and strategic execution. By understanding your audience, showcasing key features, and setting clear goals, you can ensure that your development not only stands out but generates the returns you want and creates a community that truly adds value to your residents’ lives.
That’s what BTR with Centrick is all about – utilising our decades of industry insight to create sustainable communities for residents and the best possible long-term ROI for developers. With Centrick’s personalised and modular approach, BTR operators can create seamless, connected experiences that drive resident satisfaction, enhance brand loyalty, and maximise returns on investment. That’s why we are trusted by the likes of AM Alpha and Oblix Living to help them create communities to be truly proud of.
Bringing a new BTR development to market or thinking of getting involved in the BTR sector? Get in touch with Centrick’s expert team to find out more about how we can support you on your journey.
