The property market has seen a rise in the number of Build to Rent investments being made, as build to sell has uncertainties in the wait for Brexit.
A report from property site Rightmove has shown that the private rented sector has grown from 3.7 million in 2009 to 5.4 million. This included everything from stand alone housing, converted properties and purpose-built flats. With this dramatic rise in demand, property developers are now looking to maximise the rental market. This includes a focus on purpose-built buildings, dealing with the entire experience from build to management – flats to houses.
Rightmove said: “From high-end townhouses to more modest studios, Build to Rent providers are seeking to serve a wide array of renters who are making an active choice to stay renting”(1).
This rise in the rental market and the adoption of Build-to Rent Schemes was identified in our article; UK Build to Rent market grows while individual landlords wane, earlier this year.
Benefits of Build to Rent
Build to Rent assists multiple stakeholders. For example, in reference to a recent project for Cardiff Central Square, Legal & General CEO, Kerrigan Procter describes the Built-to-Rent Retirement scheme as: “delivering jobs, housing, infrastructure and exponential economic growth. This is inclusive capitalism at its best” (2).
The property portal giant, Rightmove says there are a wide array of benefits to renting from Build to Rent providers. Generally renting in one of these schemes means you have an almost “all-inclusive” lifestyle. From gyms, laundry, community and service all within a set monthly price, the renter has transparent access to everything they need.
Local authorities also have a stake in Build to Rent schemes as affordable housing within the development will be a consideration. During the planning process authorities will consider the need for housing in a given area. It is stated that: “If a need is identified, authorities should include a plan policy setting out their approach to promoting and accommodating build to rent” (3). This will then lead to a number of homes being set aside to provide for affordable private rented homes usually around the 20% mark.
Working for a Built to Rent provider
Working for a Built-to-Rent provider also has a number of key benefits. These include:
- Job security – rather than working on a contract basis, many Build to Rent providers can offer permanent roles to their employees ensuring job longevity
- Benefits – in offering job security, providers will value their employees, offering a wealth of benefits to encourage loyalty and job satisfaction
- Progression – loyalty and on the job training will mean employees are able to work their way up and progress internally as the company grows.
Hunter Dunning has a number of property jobs in London in the Built-to-rent sector. These include:
Build to Rent investments saw an 11% increase from 2017 to 2018 totally £2.6 billion. There is no evidence to suggest this is waning. Build to Rent providers will stay strong for some time yet.
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1. Rightmove, “Build to Rent – the new era of renting?”, https://www.rightmove.co.uk/news/articles/property-news/build-to-rent, 30th July 2019
2. Da Silva, M., Landlord Today, “Legal & General to complete largest privately funded development in Wales”, https://www.landlordtoday.co.uk/breaking-news/2019/7/legal–and–general-to-complete-largest-privately-funded-development-in-wales?source=related_articles, 31 July 2019
3. .Gov, “Build to rent”, https://www.gov.uk/guidance/build-to-rent, 13th September 2019