Build To Rent development schemes are on the rise – but what are they, and what is it like to live in one? Here are the six main features of a Build To Rent scheme that you won’t find in other forms of rental accommodation!
What is a BTR scheme?
Firstly: what is a Build To Rent scheme? In short, these developments are constructed for renters only, with there being no option to purchase individual units.. Additionally, instead of each unit having an individual owner or landlord, the entire development is managed by the same company.
1. They’re Usually Very Modern
With Build To Rent schemes being a relatively new concept, they tend to come to the rental market equipped with all the latest features – lifts in high-rise development come as standard, as do key-fob entry, energy saving lightbulbs, telecom systems and even apps that make contacting staff at the development as easy as a few taps from your smartphone. What’s more, with BTR being a quintessentially 21st Century concept, many developers construct their schemes with carbon neutrality in mind – as such, technologically efficient energy saving schemes are commonplace in such developments. This is especially helpful in today’s era of rising costs and environmental consciousness, demonstrating that BTR developments aren’t just modern ideas, but they’re pushing the industry towards a new standard for the future of property development.
2. They Foster A Sense Of Community Via Amenities
Build To Rent developments are known for their socialising opportunities – from themed events, to gym classes, and the promotion of modern, exciting communal areas, everything in a BTR development is geared towards fostering a sense of community. This has become even more crucial in the aftermath of the pandemic when loneliness became a pervasive issue for those living alone, which has since informed developers’ choices to construct amenities that encourage the idea of the collective as well as the individual.
With all residents being in the same position as renters, there is a sense in BTR developments that there is a ‘level playing field’ that can further help foster a sense of community. This elevated sense of community helps ensure that tenant retention remains high, tenancy length is extended and void periods are fewer.
3. They Give You Ultimate Freedom
Although many publications would have you believe that home ownership should be every young person’s ultimate life goal, many people find the idea of being restricted by hefty mortgage payments and one, permanent location to be very unappealing. That’s what makes renting such a viable alternative to those on the move, figuring out where they want to settle down before they dedicate themselves to a large property purchase. Build To Rent developments offer residents the option to pursue long-term, stable tenancies that resemble home ownership, but with the freedom to leave the property as with any regular tenancy.
4. They Offer Security
With the ever-popular Help to Buy scheme now redundant, and the property ladder becoming increasingly difficult for many first time buyers to get onto, renting is often the most feasible alternative option. However, there can a sense of instability that comes with traditional renting, with the control being firmly in the hands of a landlord, and the potential that they may make the decision to sell the property at some point. As such, the private rental sector may not provide the stability that many tenants aspire to have. In BTR developments, there is no ‘landlord’ for individual units – they are reserved exclusively for renters, which gives those unable or unwilling to purchase a home a chance to live securely.
5. You Can Secure Long-Term Tenancies
Speaking of long-term tenancies, some Build To Rent schemes offer tenancies that last three years or more, giving you the ability to truly establish the development as your home rather than viewing it as a temporary place to stay. This encourages tenants to truly become invested in their development’s community and see if they are willing to permanently live in the area in which their rental accommodation is located. This is a great option for those who are new to the town or city.
6. Better Management
In contrast to a traditional development where each unit can be managed by a different landlord, BTR schemes have just one management company, making things like maintenance and complaints far easier to resolve. No more having to chase your landlord for updates – residents can go directly to the property manager.
Furthermore, tenants can enjoy a hassle-free lifestyle with the help of an on-site team that goes beyond just security personnel, but extends to cleaning staff, maintenance staff and caretakers. In this sense, the Build to Rent development begins to mimic the setup of the hospitality sector, with tenants feeling reassured that their every qualm can be dealt with by a member of the wider team.
Think Build To Rent is right for you?
Centrick are specialists in Build To Rent, helping property developers and searching tenants alike. If you’re searching for a place to rent and think BTR is right for you, contact us via the form below and a member of our team will be in touch to help you find your perfect new home!
