The latest Build to Rent Briefing for Scotland has shown a rise in the number of operating and pipeline Build to Rent homes to nearly 9,000, up 24% in a year. Glasgow continues to lead the way, with around 4,500 Build to Rent homes, followed by Edinburgh with around 3,100 homes and Aberdeen with around 1,100 homes.
Although there are just a few operating Build to Rent schemes in Scotland, there are some large schemes that have moved forward in planning and financing in the last year – such as Parabola’s Build to Rent scheme at Edinburgh Park, Moda’s Springside scheme in Central Edinburgh – a joint venture with Apache Capital and Harrison Street, and Get Living’s 727 home scheme in the historic heart of Glasgow. The total construction value of such schemes in Scotland is now at over £1bn.
“As in the rest of the UK, the Build to Rent sector has continued to grow in Scotland in the last year, and despite the pandemic, developer and investor commitment to the sector remains strong.”Dr John Boyle, Director of Research & Strategy, Rettie & Co
Rent levels in the Scottish private rented sector are expected to drop back and vacancy levels will rise for a time. The briefing highlights that although the Covid-19 pandemic will have an impact on the sector, the flexible nature of Build to Rent should enable the sector to maximise the opportunities as people consider their future work/life balance.
“Once fully up and running, Build to Rent will become a major provider of housing in Scotland and generate significant economic impact. It is also encouraging to see affordable Build to Rent homes being provided with more MMR schemes being funded by public and private capital.”Dr John Boyle, Director of Research & Strategy, Rettie & Co