In its third year, the Who Lives in Build-to-Rent? Report shows that Build to Rent in England has a similar customer base to the wider private rented sector and provides secure leases and value for money. The report analysed 122 schemes in England totalling over 40,000 residents in over 19,000 homes, representing over 25% of total completed Build to Rent homes in the UK.
The urban component of the data – constituting 32,716 residents and 15,274 homes across 67 schemes – was benchmarked with tenants across the wider private rented sector. The results showed that Build to Rent offers the option of long secure leases, with 92% of schemes offering up to three-year leases, and 25% offering leases over three years. 23% of Build to Rent residents are currently in tenancies of three years, and 53% of leases were renewed over the last year.
“This research continues to reinforce that Build to Rent homes cater to a diverse tenant base, comparable to that found in the private rented sector. Build to Rent is delivering well-designed and professionally managed homes that provide value for money for tenants with its extensive range of amenities and long secure leases.
“Build to Rent has rapidly established itself as an important and growing part of the housing market and continues to provide homes for a wide range of customers. Its diversification out of core cities and into single family housing demonstrates its increasing appeal and ability to cater to housing need.”Ian Fletcher, Director of Policy, British Property Federation
The report also shows that Build to Rent provides a variety of amenities and security features. For a single monthly cost, 73% of residents can access a co-working or meeting space. 81% of Build to Rent schemes have a shared garden or roof terrace, 58% of residents have access to a gym and 30% have access to fitness studios. 24-hour security is available at 69% of schemes, concierge at 85% and parcel storage at 79% of schemes.
Insights also showed the proportion of monthly income families, couples, and sharers spend on Build to Rent homes is less than in the wider private rented sector, with singles paying slightly more.
The profile of renters living in Build to Rent and the wider private rented sector is similar across age bands, with 87% of Build to Rent and 85% of private renters aged 44 or under. A similar percentage of renters are single occupiers in both parts of the rental market. A higher proportion of the wider private rented sector is let to families than Build to Rent.
“With the rising cost of living, these developments provide affordable, long-term homes for families, sharers and singles. The findings in this report demonstrate the importance the Build to Rent sector plays in helping to alleviate London’s housing crisis.”Stephanie Pollitt, Programme Director (Housing), BusinesssLDN
The report is from the British Property Federation (BPF), Dataloft, BusinessLDN and the UKAA.
“This is amongst the most mature data available for Build to Rent across England and points to a stabilising and predictable customer profile who are enjoying living within Build to Rent communities. The report illustrates that the Build to Rent product offering appeals to all home seekers and with its focus on quality, it’s clear that Build to Rent is an increasingly popular and attractive choice amongst renters.”Brendan Geraghty, CEO, UKAA
“This research comes at a critical time in the UK rental market. Cities across the UK are faced with a shortage of homes to let which is putting acute upward pressure on rents at a time when cost of living is also rising. This report helps to explain the important role that Build to Rent can play in alleviating shortage by showing how it is already meeting the needs of renters from a wide range of income brackets and age groups.”Sandra Jones, Managing Director, Dataloft