You may have heard the phrase “Build to Rent” or ‘BTR’ mentioned once or twice in recent times. You may have even read it somewhere and thought “sounds interesting - wonder what all that’s about?” Well, with more and more people talking about this new fan-dangled property term, we thought we’d go ahead and explain its meaning in Ascend terms to those who may not be familiar and, more importantly, how it may affect our beloved city of Manchester.
What is Build to Rent?
The phrase is a bit of a “does what it says on the tin” type of thing – it literally means property which is being built for the sole purpose of being rented out instead of sold. A build to rent scheme will only ever have one sole owner, one manager, and are designed specifically with tenants in mind.
Build to rent all boils down to demographics. In the UK, those moving into their first home are between the ages of 25-35 but the market doesn’t currently cater for this. Think about it, is home-ownership still as much of a key goal as it used to be? Well, with our fair share of experience with tenants, we certainly don’t think so. Renting provides ease, no strings and no need for a hefty deposit so it’s pretty ideal for the average city dweller demographic. Think of it more as a lifestyle choice as oppose to a place to live, if you will, and build to rent provides the perfect solution.
A few fun facts…
- Build to Rent currently accounts for around 16.5% of households in the UK.
- The Build to Rent sector could see the creation of 240,000 new homes by 2030!
What are the benefits?
BTR schemes are designed specifically for tenants and aren’t like your average block of apartments. They’re aimed to create more of a community living vibe and often include amenities and services of convenience to make life that little bit easier. These can include everything from rooftop bars, gyms, saunas and private cinemas to name but a few…some will even offer a laundry and cleaning service too! To put it briefly, the aim is to make life as simple as possible for tenants.
Where does buy to let fit in?
With over 83% of all properties in Manchester belonging to private landlords who are bolstering the rental market, buy to let certainly isn’t falling off the radar. BTR will strengthen the rental market and provide additional accommodation which is so highly sought after in the city. The two sectors will essentially work together to achieve the same goal, just in slightly different ways. Because if we all worked the same, the world would be a pretty boring place, right?!
Where do we sign up?
If you’re a developer- we can help you deliver your BTR scheme in style. With Ascend, you get a full PRS consultation, launch plan and 100% management and support. We don’t do things by halves and working with Ascend will ensure you get a first class service. To get in touch, call our team to discuss further on 0161 637 8336.
If you’re a tenant - just hold tight, BTR may be a growing market in Manchester, but the key to success with these high class developments is perfection, and this isn’t created overnight. Keep an eye on our property pages or sign up to our mailing list here to make sure you’re kept up to date on all the BTR news.